There are over 4 million leasehold properties in the UK, with the vast majority of flats sold on a leasehold basis.
The 1993 Leasehold Reform Act gives most leaseholders the right to apply for an extension to their lease at a fair market rate, as long as you have owned the property for a minimum of two years.
This places the leaseholder in a stronger position as it makes the property more valuable, and if you’re looking to sell, it makes the property more appealing to potential buyers. However, the process can be complex, particularly if you have less than 60 years left on the lease, and it is recommended that you seek specialist legal advice in this case.
Braddon and Snow’s conveyancing team have had lots of experience in lease extension cases, and can provide specific advice on your individual case, taking into account the length of your lease, the value of your property and the ground rent, alongside other variables.