Do You Want Your Leasehold Property To Lose Value? Don't Bother With Extending Your Lease

Do You Want Your Leasehold Property To Lose Value

? Don't Bother With Extending Your Lease

Samantha has invited her boyfriend home for dinner for the first time.'Hey, what a lovely flat!''Yes, it's great isn't it? I've had it nearly two years now.''How long is the lease?''Oh, when I bought it, the lease was eighty-two years.''Well, it might be time to think about extending your lease, you know.'Sam laughs. 'I don't think I need to worry about that yet! I have 80 years of thinking time!'But Will points out that if a lease has less than eighty years to run, it becomes progressively more expensive to obtain a lease extension, and says he discovered this the hard way when he bought a flat with only seventy years left on the lease.'And,' he continues, 'although there is no legal requirement for you to extend your lease, if you should want to sell the flat, the fewer the years of the leasehold that are left, the lower the price you will get.'Sam is now frowning. 'So you are telling me I should try to get an extension with the next couple of months?''Ideally, yes. As buying a property is a lifetime investment it is sensible to look after its value. If you don't, it would be like buying a really classy car, never having it serviced, and expecting never to have any problems with it.' (Will is into cars.) "As well as this, if you are wanting to sell the property in the future without having secured an extension, future buyers might have problems in getting finance from a mortgagor.''Goodness! Really? I had no idea!said Sam, feeling quite worried at the moment. 'But surely extending a lease is expensive, isn't it? I suppose it will have to be done by a solicitor. I wouldn't know where to start.''Well, of course, there will be a charge,' replied Will, 'but if you leave it longer, it will cost you more. Even though getting a leasehold extension should be quite a simple process a specialist leasehold extension lawyer will make sure you have looked at and considered all the pros and cons, will help you make the right decisions and will help draft you a watertight extension. You can get the basic information about extending lease from the Internet, and that would be a good idea, anyway, since you would be better informed about what's involved then. After that, you can seek professional legal advice from specialist solicitors. After all, you will have insured your flat to protect it from disasters, so it makes sense to protect it by extending your lease.''Thank goodness you know more about this than I do,' said Sam.Will sniffed the air. 'Is something burning?'

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