The basics of UK lease extension
Lease extension is something that most UK flat or apartment leaseholders will have to address during their tenancy. Being a leaseholder you should be aware of how many years you have left on your lease, while also having in mind whether or not you want to extend it. The lease extension process can be both confusing and daunting, especially if it is something you haven’t had to navigate through before. Odds are you have various questions, such as why you should extend and how to get started. This brief guide looks at the basics of UK lease extension and what it is you should ask yourself.
Do you want to extend your lease?
The answer to this question will almost certainly be yes because of the benefits it brings. Think about what your lease entails and you’ll quickly find out that its length has a direct connection to both the value and resale potential of the property. If selling isn’t on the horizon then it isn’t as crucial a matter, however if it is you should be looking into extension sooner rather than later. It isn’t complicated in principal; a flat with a longer lease will appeal to buyers far more than those that have 70 years or less left to run. Simply put, very few individuals will opt to buy a flat only that has a short lease attached, largely due to the expense they will have to face post-purchase. If your are unsure whether or not lease extension is right for you try speaking to a legal professional who specialises in such. In theory, the sooner you put in a notice to extend the better, as if you leave things too long the price of extension can escalate. Obviously there are certain criteria that you must meet in order to extend, such will largely be based around how along you have owned the flat.
Important information to consider
Price – At the end of the day an extension can only be applicable to you if you can actually afford it. The crux of the...