Why do leases need extending?

Listen to Property Manager, Jamie Fisk discuss why leases need extending.

 

 

"Your lease is granted for a set period of time and at the end of that period, the property is handed back to the freeholder.  By extending the lease, you are increasing the time you remain the leaseholder of the property before it's handed back to the freeholder.  Often increasing the lease comes with a premium and there is a formal procedure to follow in order to extend the lease."