Are you the Lessee of a flat or maisonette and have you checked your lease term recently?

The length of the unexpired term of the lease is important for mortgage purposes and the premium payable to extend the lease so this could have an impact on the property if you try to sell.

Most lenders check the unexpired term of the lease before deciding whether or not to lend money on a property. If you allow your lease term to go below 80 years the cost of extending the lease will be more than if the term is over 80 years.

The current law entitles flat or maisonette lessees to extend their lease provided certain pre-conditions are met.

We would advise leaseholders of flats or maisonettes to obtain a lease extension as soon as possible. This is due to the premium payable for the lease extension increasing as the unexpired term of the lease decreases.

Do you qualify to extend your lease?

Contact Thursfields’ specialist Residential Property Team to discuss your options at conveyancing@thursfields.co.uk or call us at any of our offices – https://www.thursfields.co.uk/contact-us/

 

 

 

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