You have enjoyed living in a leasehold property for the last 2 years, what's next? Leasehold extension is next sensible move - but don't panic and let it spoil your fun.
Well, I'll move out then and find somewhere else to live for a couple of years, you tell yourself.
Stop! It's not because you have lived in your flat for over two years that means you now must extend the lease nor is there any law that stipulates this.
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 understand what lies ahead if you don't apply now to extend your lease.
Ok then, so how do I do this and what does it involve?
Step One: by doing some simple research, you can read all about the process yourself and what it involves. 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.
Two straightforward steps this is all?
Exactly.
Wey, hey...I can continue to enjoy my little pad. I'm off now to extend my lease!
Well, I'll move out then and find somewhere else to live for a couple of years, you tell yourself.
Stop! It's not because you have lived in your flat for over two years that means you now must extend the lease nor is there any law that stipulates this.
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 understand what lies ahead if you don't apply now to extend your lease.
Ok then, so how do I do this and what does it involve?
Step One: by doing some simple research, you can read all about the process yourself and what it involves. 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.
Two straightforward steps this is all?
Exactly.
Wey, hey...I can continue to enjoy my little pad. I'm off now to extend my lease!
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