Residential properties that form part of a larger building or complex are sold as leasehold properties. Increasingly, homes across the UK are being built and sold on a leasehold basis, due to the limited space available for new developments.
When you purchase a leasehold property, you become the legal owner of the ‘unit’ for a limited time only. You are simply purchasing the right to live there for an agreed period of time, while the freehold maintains legal ownership of the building itself and the land it is built on.
If you have any questions or concerns regarding your rights, your obligations or your options as a leaseholder, contact a member of the team at Aristone Solicitors anytime.
When Can You Request a Lease Extension?
In most cases, it is possible to request a lease extension after having owned a property for a minimum of two years.
If you are considering the sale of a property that has a relatively short amount of time left on its lease, it’s important to apply for a lease extension before putting it on the market. Doing so will have a positive impact on its potential sale value.
When buying a property of any kind, it is important to carefully check the remaining lease and to speak to a solicitor if you have any concerns. The length of the remaining lease could influence whether or not the property in question represents a safe and sensible investment. The shorter the remaining lease, the bigger the risks and the higher the potential costs of obtaining an extension.
Specialist Support and Advice
All leasehold properties are ‘sold’ subject to strict terms and conditions, including an agreed period of occupancy for the buyer. The vast majority of leases are granted for extensive periods of time – typically between 99 years and 125 years for a flat. If the lease involves a house, it may be granted for as much as 999 years.
However, all such leases eventually come to an end. This is why it is important to ensure you start thinking about extending your lease at the right time. The closer the end of your current lease, the more complex and costly it becomes to organise an extension. By contrast, act early and you stand to save both time and money.
Whatever amount of time you have left on your leasehold agreement, it’s worth considering your options at the earliest possible stage. At Aristone Solicitors, we can provide the independent support and advice you need to make the right decision at the right time. Call today to book your obligation-free consultation with a member of the team.
Ask the Experts at Aristone Solicitors
Making sense of the complexities of leaseholder entitlements and obligations can be difficult at the best of times. Once again, waiting until the last minute to apply for a lease extension can bring further complications and costs into the equation.
Whether planning ahead or in need of urgent support, we’re standing by with the support you need to safeguard your future. Book your obligation-free consultation with Aristone Solicitors today, or drop us an e-mail anytime and we’ll get back to you as soon as possible.