Here for you when you need us
Why would I need to extend my lease?
Gemma Blizard - Solicitor Residential Property Team
future purchaser of the flat with a lease for a term of around 70 years, is likely to require the seller to agree to bear the cost of a lease extension. Whilst an extension can be agreed informally between the tenant
T
A number of clients ask why they need to extend their lease. As the number of years left to run on the lease decreases, the value and saleability of the flat is affected.
he majority of mortgage lenders will not lend on leases that have less than 70 years left to run and as such, a
and the landlord and then formalised by the respective party’s solicitors, there is a statutory route that can be followed in order to obtain an extension.
Generally speaking, providing that the lease was for a term of more than 21 years when originally granted and you have been the registered owner of the flat for more than 2 years, then the statutory procedure can
be followed. It is wise to look at a lease extension sooner rather than later due to the fact that as the number of years decreases the premium payable to the landlord for the lease extension will increase.
For further advice on lease extensions and other property related matters please contact the Residential Property Team on 01825 762281 or e-mail
ResProperty@dawson-hart.co.uk
This information has been prepared for general interest and it is important to obtain professional advice on specific issues and for your own circumstances. Whilst we believe the information to be correct at the time of print, we cannot accept responsibility for loss occasioned by any person acting or refraining from acting as a result of this material.
01825 762281
www.dawson-hart.co.uk
MON - THURS: 8am - 6pm (5pm FRI) SAT: 9am - 12pm
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four activity co-ordinators, our care team’s aim is to enable our residents to live as independently as possible. We firmly believe in treating everyone as individuals.
offers spacious accommodation across two floors. Each has it’s own private lounges, social rooms, dining area and serveries offering complimentary refreshments.
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