Lease Extensions

Does your property have a short lease?

This is usually taken to mean a lease with less than 80 years unexpired. If so the length of your lease may cause problems when you come to sell or remortgage your home.

Leaseholders with short leases are now protected by the Leasehold Reform (Housing and Urban Development) Act 1993 (as amended), which gives the leaseholder the right to force an extension of the lease, whether or not the freeholder wants to extend, on payment of a premium to be agreed with the freeholder. If agreement cannot be reached then the leasehold valuation tribunal will fix the sum to be paid.