The lease of your flat (the document under which you “own” your flat) will say how long you own your flat for i.e. how long the lease is for. Not all leases are the same length. It is important to check to see how long your lease was granted for and how long is left to run.
Problems start when you are approaching only 80 years left to run. When this is the case the value of your lease really starts to drop and you may well have problems selling it and many lenders will be unwilling to lend on flats with short leases.
Fortunately there is something you can do about it.
Providing certain legal requirements are met, the law gives you the RIGHT to extend your lease so you do not have the above problems.
We have many years experience advising clients who have extended their leases.
We are pleased to be able to offer a free initial review of your lease so we can advise whether it is important that you extend your lease now. If it is, and without any obligation to proceed further, we will explain the process to you and the costs involved in a clear and straight forward way. We understand the importance of explaining matters without all the legal jargon. Once everything has been explained to you and all your questions have been answered you are then free to decide whether you wish to proceed having the peace of mind that you are making an informed decision and with a full understanding of the costs involved.
We pride ourselves in making sure our clients understand everything that is happening and are kept fully informed at all times.
Please note that the shorter a lease gets the more expensive it is to extend! We look forward to receiving your enquiry so we can help you decide whether you need to act now to extend your lease at the least possible cost and maximise the value and saleability of your flat.