Block of flats
Bukola Obadun-Craigs - partner

Should I extend my lease?

Because a lease is for a fixed period of time, it naturally gets shorter every year. Extend your lease can protect the value of the property as the shorter the lease, the less attractive it can be to potential purchasers and could influence the sale price.

A marriage value is payable where the lease has 80 years or less. This is noteworthy, particularly for higher value flats. The marriage value is the difference between the total of the value of your existing lease, the value of your landlords’ interest and of any intermediate interests in your flat prior to the grant of a new lease and the total of the value of those interest after the grant.

Extending a lease also gives you the opportunity to change any defects in the current lease such as:

  • Omission of other property included in your existing lease but not comprised in your flat.
  • Alterations/additions granted since your existing lease.
  • Where your property derives from more than one lease.
  • Exclusions on service charge and management structure of the building.

It’s also an opportunity to re-mortgage and can add and/or restore considerable value to your leasehold flat.

The Law Commission published its report on 21 July 2020 on leasehold reform. It included changes to the process of obtaining a lease extension, making it cheaper and simpler.

Extending your lease can be complex but our specialist team are here to help you through the process.

If you would like to discuss any of the above or your individual rights as a leaseholder, please contact Bukola Obadun-Craigs bukolaobadun-craigs@roythornes.co.uk

 

Our People

      • Lease Extensions
      • Leasehold Management
      • Right of First Refusal
      • residential leasehold management
      • Dispute Resolution
      • Litigation
      • Social Housing
      • 0121 592 1037
      • 07702 867532
      • View profile
      • Conveyancing
      • Lease Extensions
      • Leasehold Enfranchisement
      • Telecoms
      • residential leasehold management
      • Commercial Property
      • 01775 842800
      • View profile