Most flats in the UK are owned on a leasehold basis. With lease of 100 years or over then there is little practical value in extending this. However when a lease drops to around 75 years then achieving property finance can become more difficult and so it can increase the value of your property, and make it far more saleable, to extend the lease or collectively purchase the freehold of the block with your neighbours.
The Leasehold Reform Act 1993 gives you a right to extend your lease in certain circumstances. If you require advice in this area then we can put you in contact with a specialist who can outline your options. They can even represent you if you decide to proceed with an extension and they are paid from a small fraction of the savings that they make for you.
If you need to raise finance to extend a short lease, or to purchase a property that has one, then this is an area where you will need expert guidance. There are many pitfalls to avoid so getting the correct advice on day one is vital. Our advisors have many years experience in this area and will work with your leasehold reform advisor to provide the best solution.
Some forms of short lease finance are not regulated by the Financial Conduct Authority