The length of your lease can significantly affect the value of your property. The sooner the lease is due to expire, the less your property is likely to be worth and the more expensive it can be to extend your lease.
We encourage you to engage a solicitor to arrange an extension or variation to your lease.
You might want to consider applying to extend your lease if you’re thinking of selling your leasehold property and it has only a short term left.
It can be difficult to get a mortgage for a property with a short lease, so buyers will often look for properties with a long unexpired lease.
Most of our leasehold properties have more than 90 years remaining on the lease. The Leasehold Reform, Housing and Urban Act 1993 allows you to add 90 years to the remainder of your lease term.
If you want to vary the terms of your lease, you’ll need a Deed of Variation.
A lease can only be varied with agreement from all the parties to the lease, or in certain circumstances by an application to a First-tier Tribunal (Property Chamber).