If you own a property that has a lease on it this ownership lasts only for a period of time or term of years. As the lease gets shorter and the number of years goes lower, the value of the lease decreases and it becomes more expensive when you extend the lease.
This is why it is often a good idea to increase the term of the lease especially if you want to sell the property. Sometimes it is difficult to sell a property with a short lease because mortgage lenders may be reluctant to lend money on such properties.
Download a template informal letter enquiring about lease extension of a flat, or to purchase the freehold of a house or flat
Lease extension can be a difficult process. We recommend you get professional help from a solicitor and surveyor with experience in this area.
More information you might find useful:
- Lease Extension – Getting Started
- More Frequently Asked Questions on Lease Extension
- Lease Extension Calculator
Still not found the answer?
Contact LEASE to have your enquiry dealt with by one of our experienced advisers