Extensions of Leases
The owner of a leasehold property, such as a flat, will own a lease for a set number of years. As time passes, the years remaining on the lease decrease.
Short leases are less valuable and are harder to sell. Once the remaining term is for less than 60 years, it is not possible to raise a mortgage on a leasehold property. However, if you have owned a leasehold property for at least 2 years, you will generally have a statutory right to an extension of the term of the lease.
We can advise you and deal with everything needed to obtain an extension.