Taking The Stress Out Of Extending Your Lease

Taking The Stress Out Of Extending Your Lease

Many leaseholders do not consider extending their lease as they believe that it will be a complicated, stressful and expensive procedure.However, like so many other things in life, putting it off will only make it worse in the long run! A declining lease term directly affects the value of your property, and the longer you delay extending your lease, the more complicated and expensive it becomes. Luckily, this is something which can be overcome with planning ahead and smart thinking.Your first move should be looking at your lease and finding out exactly how long it does have to run. It's frightening how quickly that 99 year lease can disappear! The shorter the remaining lease term, the less likely it is that potential buyers will be interested in your property - and it's worth bearing in mind that most mortgage companies don't like short leases either. In other words, the value of your property goes down. Even if you don't intend to sell, you're in a much less secure position the closer you get to the end of the lease term, when your home becomes the property of the landlord. You should move very quickly if the remaining lease term is approaching 80 years. After that, any extension will have to include the so-called "marriage value" - a premium based on a projected increase in the value of the property. This is given to the landlord immediately and therefore increases the cost of a lease extension.Once you have done this, you then need to contact a specialist lease extension solicitor to find out if you are eligible to start the process. Most people are. The law grants a general right to extend the lease for an additional 90 years on top of the remaining term, at a peppercorn rent, provided you've owned the lease for at least two years and that the original lease term was for more than 21 years. If you live in a leasehold house, you'll also need to check that the lease hasn't already been extended, since this can only be done once. There are individual exceptions to this general rule, so it's vital you involve a solicitor at this point.Once you've made the decision to extend your lease, the whole process can be turned over to the professionals! A valuer or surveyor will work out the cost of the extension, based on local property prices and appropriate compensation to the landlord, and a solicitor will be able to serve the relevant notices and conveyance the new lease once it's granted.Getting the right expert help could mean your lease extension process will be smooth and stress-free. You'll continue to enjoy the rewards of increased property value, financial protection and peace of mind long after you've paid the initial costs.

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