Is your home a 'wasting asset'? Lease Extension The value of your flat is affected by the number of years the lease has left to run. The underlying value of the flat declines as the length of the lease reduces, and more significantly once the lease falls below 80 years. As a lease is always diminishing, it is a significant 'wasting asset'. We can help you extend your lease or buy your freehold so that your flat will once again achieve its full market value.

Important facts to bear in mind -

Under 70 years - If your lease length is below 70 years, your flat is becoming less and less appealing to future buyers, as a number of mortgage lenders will either not lend against flats with leases below this level or will offer less favourable terms.

70 to 80 years - If your lease length is between 70 and 80 years, it is important to take action now, as the cost of rectifying the problem is increasing exponentially.

Over 80 years - If your lease length is over 80 years, taking prompt action will avoid marriage value, whereby the freeholder is entitled to 50% of any uplift in value resulting from a lease extension or freehold purchase.

The longer you wait to address your lease length, the more expensive it will become.
Extending your lease also provides you with the opportunity to rectify defective clauses that can cause particular problems with mortgage lenders.

For further information on extending your lease or buying your freehold, please call us free of charge on 0808 1311 109, email us at info@leaseholdsolutions.com or complete our online form.

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