DID YOU KNOW?
Extending a shorter lease to a decent length can add thousands to your property's marketing value. Generally, the shorter the lease, the lower the asking price.
A short lease is usually more difficult to sell. Many purchasers are simply reluctant to purchase any lease with less than 90/95 years left.
Mortgages are much harder to obtain on shorter leases. Some lenders simply refuse a mortgage on leases with under 60-70 years remaining.
Once the remaining lease term slips under 80 years, the cost of any extension increases significantly.
To be legally entitled to extend, you need to have owned the flat for at least two years.
For more information on Lease Extensions click on the link below