When a person holds leasehold interest in a property, this means they can live in the property for a specified, typically substantial, period of time – the remaining term on the lease. At the end of the lease, ownership could<\/b> return to the person with freehold\/the landlord. Lease extensions are something which can be applied for to extend the term, and therefore the time, for which the property is held.<\/p>\nWhy would I want a lease extension?<\/h2>\n
Extending the lease offers more security in the property, and potentially, a better price if the leaseholder chooses to sell.<\/p>\n
The 1993 Leasehold Reform Act gives virtually every leaseholder the right to extend. If there is less than a hundred years left on the lease then seeking to extend it should be a key consideration. An Simply.Law member lawyer will be able to explain the details to you, with specific reference to your circumstances.<\/p>\n
If you are considering selling a leasehold property, a lease extension can make the property a more attractive prospect to potential buyers and will help to improve the price at which the property can be realistically marketed.<\/p>\n
Getting a lease extension is a fairly straightforward process \u2013 but it can be complex if you don’t have the necessary legal experience or background to understand it. You will almost certainly need a conveyancing solicitor to handle the process for you. The costs involved in increasing the length of a leasehold is, usually, more than offset by the value it adds to the property.<\/p>\n
Historically, some people have been nervous about buying a leasehold property because of the perceived lack of security compared to a freehold property. However, this is not the case. There were a number of Acts passed between 1967-2002 which effectively rebalanced the freeholder\/leaseholder relationship.<\/p>\n
Contact Simply.Law today for more information on leasehold property and lease extensions.<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"
If you are considering selling your leasehold property, a lease extension could improve the value of your home.<\/p>\n","protected":false},"author":1,"featured_media":7969,"parent":4304,"menu_order":0,"comment_status":"open","ping_status":"open","template":"","format":"standard","meta":{"_acf_changed":false,"_joinchat":[],"footnotes":""},"categories":[12338],"tags":[9264,9512,9511,9265,9513],"guides-category":[],"class_list":{"0":"post-4397","1":"guides","2":"type-guides","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-property-law","8":"tag-freehold","9":"tag-lease-extension-solicitor","10":"tag-lease-extensions","11":"tag-leasehold","12":"tag-leasehold-reform-act-1993"},"acf":[],"yoast_head":"\n