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Resources
Important leasehold reform news!
Millions of leaseholders will be given the right to extend their lease by a maximum term of 990 years at zero ground rent, the Housing Secretary Robert Jenrick has announced today (7 January 2021). The changes, making home ownership more secure, will mean that a leaseholder can extend their lease on their home but will no longer pay ground rent…
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…
When should you extend a lease and how much would it cost?
A Lease lasts for a finite period of time and any lease with 70 years or less to run is classed as a Short Lease. Essentially, as the unexpired period reduces, so does the value to the leaseholder, whilst the value to the freeholder increases. This is why it’s best to extend a Short Lease sooner, rather than later…