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Many people do not realise that if they have owned a residential flat for two years on a long lease (such as a 99 year term), they are likely to qualify for the right to extend their lease by a further 90 years. It can be easier to sell your flat if you have extended the term of your lease. If you can’t reach a quick agreement with your landlord on the cost of extending the lease, it is often recommended that you get a formal valuation from a surveyor quickly in the process. It doesn’t cost much to extend a lease that has over 80 years left on it – and costs much less than if you were to wait until the lease falls to under 80 years.
If you’re interested in learning more about how to extend your lease or taking the right to manage, make sure you contact a solicitor expert in lease extension cases.
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