A lease extension will usually ensure that your property is more valuable and saleable should you want to sell or remortgage. Although there are costs involved, buyers are often put off by short leases and mortgage companies generally avoid granting loans on properties with leases shorter than 60 years.
What are the main qualifying criteria?
Under the Leasehold Reform (Housing and Urban Development) Act 1993 qualifying tenants of flats have a right to a lease extension from the landlord. The lease must have been granted for a term of more than 21 years and owned by you for more than two. The legislation does not apply to some landlords such as the Crown, National Trust and charitable housing Trusts, although the Crown usually complies with the principles of it.….
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