How To Continue Enjoying Your Flat - With A Lease Extension

So you have owned your leasehold property for 2 years and you're still enjoying living

there - time to be thinking about leasehold extension? Suddenly things start to get a bit stressful.

You tell yourself that you will move out in a couple of years and deal with finding somewhere else to live and a buyer then.

Stop! There is no law that insists that you must extend your lease after 2 years, this is merely the minimum term you must have owned in order to be entitled to the right to extend.

Ask yourself: do you know how many years are left on your lease? If not, then find out. Has it dropped below 80 years? This is where your difficulty lies.

I'm not going to stay here for another 80 years, you protest. Who bothers with a leasehold extension? I probably won't live that long!

No, but your flat will and someone will want to buy it, whether that happens in one year or ten, twenty or thirty.

So let them buy it, let them extend the lease, what's the problem?

The problem is that your flat will have lost value and potential buyers will not only be put off by a short lease, but it is unlikely they will be able to secure a loan to purchase it -as mortgage companies really don't like lending on properties with short leases.

Oh.

Precisely. You now are aware what lies ahead if you do not sort out applying for a leasehold extension.

Ok then, so how do I do this and what does it involve?

Step One: all you have to do is basic research and you will see everything that is involved. When you know more on the topic you are able to discover exactly what your rights are and what are the responsibilities of your landlord.

And that's it? I just fill in a few forms, sign, send away and hey, I've extended the lease. Oh, and any big costs involved? Just a tiny administrative charge I guess?

No quite. Step Two: speak to a lawyer who specialises in leasehold extension. You will need the guidance of a professional to see you through any loopholes, clauses, discrepancies and agreements. The process of extending your lease is not difficult but it does sit in the legal sphere - and that means correct and professional experience and handling.

Just two simple steps, that's all?

Exactly.

Wey, hey...I can continue to enjoy my little pad. I'm off now to extend my lease!

by: Tim Bishop

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