Is Someone In Your Family Running Out Of Time On Their Property Lease?
If you have parents or family members over 60, 70 and above…
It is worth double-checking to see if they bought their property on a leasehold or freehold basis.
You see, a good proportion of properties in the Grimsby and Cleethorpes area have been sold on a leasehold basis.
Of course, if you did buy leasehold yourself, it’s important to check the lease has plenty of time to run too.
In case you’re not 100% sure what the difference is, freehold is when you own the property and the land it’s on.
Leasehold is where you own the property itself, but you don’t necessarily own the land the property is on.
This means, in the very worse situation, whoever owns the leasehold (the person known as the landlord) could technically have you evicted if you were to let the lease run down to nothing.
In reality this happens very rarely and there are safeguards in place to avoid this. But short leases do make it much harder to sell a property and can cause numerous complications when it comes to getting a mortgage.
It’s why it’s important to check the leasehold status of anyone in your family, just in case they have a lease that’s running down without them realising it.
Ask your parents or grandparents to check
The first step is to just ask.
Ask your parents, your auntie and uncle or perhaps even your grandparents whether their property is leasehold or freehold.
If it’s freehold, that’s fine.
But if they’re not sure, check the original documentation to find out. If you can’t find the documents, you can always contact us as this point and we can look to check for you.
If you know for sure it’s leasehold…the next stage is to figure out how long they have left.
Again, this should be detailed in the original documentation, but if not, you can get in touch with us and we’ll look to find out for you.
Leasehold agreements can run up to as long as 999 years. If you’re in or around that region: great.
But if the lease is due to expire in anything less than 70 to 80 years, you really need to think about arranging an extension.
You have less time than you think
70 or 80 years sounds like a long time…
But when it comes to leases, it really isn’t.
This is the so-called ‘danger zone’ and a lease with just 70 years left to run could start to cause problems when valuing the property or getting a mortgage.
If you find your family member has less than 70 or 80 years to go on their lease, it’s time to act.
And obviously, if the lease has even less time to run, it really is an urgent matter and you should look to help them arrange an extension as soon as they’re able.
Of course, if you’re ever in doubt about whether you need to extend a lease or not, you should always get in touch with us direct and we’ll be happy to investigate further.
And if someone in your family does need to arrange an extension, we can take care of everything.
From contacting the owner of the freehold to writing notices, negotiating with the landlord and completing the whole process – we can cover every element so there’s no stress for you or your family member.
So, if you think a member of your family might need a lease extension on their property, get in touch with us via the website here or call us directly on 0300 400 3279 and we’ll be happy to help.