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Flats – Lease Extensions
RESIDENTIAL LEASE EXTENSIONS
If you have a flat or house with a short lease, that is with less than 70 years remaining, you are probably concerned that the property has become difficult to mortgage and harder to sell, and are looking for advice on residential lease extensions to see how you can sort out your position.
Residential lease extensions mainly apply to flats (or maisonettes), and if this is the topic you are interested in finding out more about, please have a look at our page specifically on flat lease extensions which will give you further information.
If you have a house with a short lease, residential lease extensions in these circumstances are possible, but not common. This is because the vast majority of leaseholders end up purchasing their freehold, rather than getting a lease extension. Please have a look at our freehold purchase page for further information.
Please contact us for further information or Call us now on 0121 427 2800
100 Years unexpired – No issues at this stage with the lease and the saleability of the property.
90 Years unexpired – Still no major issues at this stage with the lease and the saleability of the property.
80 Years unexpired – This is where the real problems start – “Marriage Value” becomes a factor and the market price of the property is affected
70 Years unexpired – The property now becomes difficult to mortgage as lenders become nervous about the situation. The cost of extending the lease is significant. Potential purchasers are deterred by the length of the lease and seek alternative properties.
60 Years unexpired – The situation is similar to that at 70 years, but somewhat worse. You will probably have lost many £1,000s in the market value of your flat.
50 Years unexpired – You are unlikely to sell the flat with such a short lease and may be limited to cash buyers and property investors only.£1,000s have been wiped off the true market value.