A lease extension grants an additional 90 years to the remaining term of a lease, by surrendering the old lease and granting a new one.
Most new build leasehold properties start off with a Lease term of 99 or 125 years, each year the term will reduce and this can impact upon the value of your home. If your Lease falls below 80 years you may find it difficult to remortgage, as some mortgage lenders will not lend on a short lease.
There are two routes to extending your lease:
1. Formal Process; for Leaseholders who own 100% of their home for at least two year. They can apply formally by serving a notice in accordance with the Leasehold Reform procedure, Housing and Urban Development Act 1993. This route can sometimes be more costly since you are required to instruct a solicitor from the beginning of the process.
2. Informal Process; for both 100% leaseholders and Shared Owners. They can apply directly through us, this way both owner groups benefit from:
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