Extending Leasehold On Your House - Should You Worry?

Extending Leasehold On Your House - Should You Worry

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Extending a lease is a process that does not just apply to those leaseholders living in a flat or an apartment. It equally applies to leaseholders in various other properties. Do not make the mistake of believing that a lease extension does not apply to you.A common reason for leasehold properties to be ignored is that it can be more beneficial for someone to purchase the freehold rather than apply for an extension. It is often the case that some lease terms last so long the original landlord cannot be found. In this case, it's well worth getting a solicitor specialising in freehold purchase to help you acquire the freehold, which will give you complete ownership of the property. However, for many property owners, buying the freehold just isn't practical, for reasons of cost or because the terms of the lease don't allow it. In this case, extending leasehold should be considered very seriously indeed. The value of your house is directly affected by the length of the lease. Houses on a short lease are much more difficult to sell or to obtain a mortgage for. The worst case scenario is that the lease expires whilst you are still in residence. If this takes place and the property goes back to the freeholder then you will become a rental tenant in your own home.Fortunately, most house owners have the general right to apply for an extension of their lease. The basic requirements for a lease extension are that you must have owned your lease for at least 2 years and the original term should have been granted for more than 21 years. You'll also need to check that the lease hasn't already been extended, since the law currently only allows for a single extension for houses.The best advice is to seek the help of a specialist solicitor. Extending a lease is not overly complicated, however is the only the case when you have the support of expert knowledge on hand. Your solicitor will examine the terms of your lease and take forward any negotiations with your landlord for you. They will file all necessary paperwork by the correct dates, which will ensure a smooth conveyance and protect your property interests. Every day you delay could have serious financial consequences in the future, so leasehold extension should always be considered sooner rather than later.

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