Leasehold Houses and Leasehold Extension - What You Need To Know

Leasehold Houses and Leasehold Extension - What You Need To Know

Although leasehold extension is generally an issue for owners of flats and apartments, this isn't the whole story. There are nearly one million houses that are owned on leasehold in England and Wales. The owners of these properties need to consider issues surrounding the benefits of extending leases just as seriously as owners of leasehold flats.To begin with, it should be know that leaseholders are often advised to buy their freehold rather than apply for a leasehold extension. Indeed, for many people this will be the more attractive option, since it ultimately gives them complete ownership of the property itself, as well as the right to occupy it. It's also worth pursuing if the house is on such a long lease that the original freeholder can no longer be traced. However, this might not be the best option for you and could be quite expensive. In any event, it's vital to obtain professional legal advice before embarking on this course of action.If you are unable to purchase the freehold, then you should be thinking about extending your lease. Properties which are awarded on a short lease are not as appealing. Many mortgagors and purchasers will not be interested in funding or taking on a short term lease, this has an negative effect on both selling the property and valuations. There's also the risk of the lease expiring whilst still in residence. If this takes place then the interest in the property reverts back to the freeholder and the leaseholder becomes an ordinary tenant in their own home.Normally a leaseholder whom has owned their property for 2 years will have the legal right to apply for an extension. This is not always the case as unfortunately if your original lease was granted for less than 21 years and/or you have entended already, you are not able to get an extension. Exceptions may also apply to individual properties with special circumstances of ownership, such as charitable or Crown ownership.The main rule for extending leases on houses is the same as that for leasehold extension on a flat - get specialist legal advice. A specialist solicitor will be able to correctly interpret the existing terms of the lease, negotiate with the freeholder and serve the appropriate notices. Getting an extension on your lease is not necessarily very complicated, but it will take a certain amount of dedication and specialist help. As with most things, you cannot get the same benefit without working with professionals.

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