Is the lease on your flat or house running short? A lease extension can protect the value of your home, help you avoid significant extra costs, and make your property far easier to sell or remortgage. Knowing when to act, and which route to take, can make a real difference to the time and cost involved.
Watch the video below, in which a member of our expert legal team, explains how residential lease extensions work, including the formal statutory process and the option of negotiating an informal extension with your freeholder.
Short Lease on Your Flat or House? How to Extend It Transcript
A residential leasehold extension is the process of adding more years to your existing lease. If the term of your lease drops below 90 years, and particularly as it approaches 80 years or less, you should consider a lease extension to stop the value of your property dropping, prevent expensive marriage value penalties and make your property easier to sell.
Qualifying leaseholders can utilise the formal lease extension process, which grants the right to extend the lease of your flat by 90 years or the lease of your house by 50 years. The formal process requires you to serve notice on your freeholder, requesting a lease extension, and sets out the legal framework in accordance with your legal rights.
Alternatively, if you do not have a qualifying lease or require additional flexibility and potential time savings to your lease extension, you can enter into negotiations directly with the freeholder in order to agree a voluntary and informal lease extension.
If you would like to extend your lease and need advice in relation to the process, get in touch.
Get in Touch with Newtons Solicitors
Newtons Solicitors has offices throughout Yorkshire, the North East, and Cumbria, so you can access legal services in the location most convenient to you.
If you would like to learn more about lease extensions, please don’t hesitate to reach out to our friendly team. We’re here to guide you through the process so you can protect the value of your home with confidence.