For leaseholders, as the length of a lease decreases, there could be significant impacts on their ability to re-mortgage or sell their home. Many may qualify for a lease extension which can put them in a much better position when it comes to having control over their home.
There are so many benefits to extending your lease and if you are concerned about this we suggest you take a look at them below:
Extending a lease will make it easier to secure better deals when re-mortgaging. This is because lenders think leases below 80 years are less secure for the purposes of a loan.
A property with a longer lease may be more attractive to potential purchasers and easier for a buyer to finance through a mortgage.
A longer lease will help to keep your home’s value in line with the wider housing market.
The more time left on the lease, the less it costs. It also increases with property values so it may be more expensive in a strong market.
For independent advice, you can also visit this government funded website: www.lease-advice.org