A leasehold property is always decreasing in value. As the lease gets shorter, the less it is worth. Extending your lease will:
- protect your home from losing value – particularly if your lease is only just above 80 years
- make your home quicker and easier to sell – buyers are put off by short-leases or high ground rent payments
- increase the value of your home
- reduce your ground-rent to £0
- give you peace of mind that you or your family can continue to live in your flat for the long term
Getting your money back
While extending your lease is not free, it is an investment in your property and you can expect to get the money back when you sell it.
Is your lease between 80 and 85 years?
It gets much more expensive to extend your lease once it falls below 80 years because you have to pay an extra sum to your landlord.
If you are in this position you should start the extension well in advance of the 80 year mark.