It’s Never Too Soon To Extend Your Lease
When should you extend your lease on a leasehold property?
Well, initially, you need to have owned the property for at least two years, before you can look to extend your lease.
But after that: it’s never too soon. But extending your lease becomes critical as soon as there are fewer than 80 years to go. It’s sounds like a long time, but it’s not.
After the 80-year mark, the lease is considered ‘short’ and it will almost certainly affect the price of your property. Plus, the fewer years you have remaining on your lease, the more expensive it will be to extend it.
If you think you might be approaching the crucial 80-year mark, or if you think you might have even less time left on your lease: contact us urgently to discover the best course of action.
Don’t Be Taken By Surprise
It may come as a surprise to learn that a leasehold property can begin to lose value when it still has 80 years left on the lease. For many 80 years can seem like plenty of time, after all, it is a lifetime for many.
However, complacency about extending your lease can lead to more nasty surprises. As well as it becoming more expensive to extend your lease the longer you leave it, you also run the risk of not being able to get a mortgage on the property, experiencing difficulty should you decide to sell or even losing the property should the lease run out.
This is why it’s so important to manage your lease appropriately and if you’re in danger of crossing the 80-year mark, you contact Leasegevity urgently.
Here at Leasegevity we take all the hassle out of extending your lease for you.
- We’ll begin by doing a free consultation to establish what stage your lease is at and what action you should take.
- We’ll act on your behalf to negotiate the best terms we can with the freeholder and ensure you get all the legal rights you’re entitled to.
- And we’ll take care of all the necessary paperwork and legal documentation at the appropriate times and serve any notices accordingly.
Thanks to the support we can offer you here at Leasegevity, extending the terms on your leasehold property need not be complicated. Get in touch with us on +44 (0) 300 400 3279 to arrange a free consultation and take the necessary action to protect your leasehold property.