Extend Your Lease - And Laugh
Life is full of emotions - and a hugely varying range of them at that!
So, when you realise your flat has only 75 years left on the lease, which emotion do you choose?
Well, you could cry I suppose. Or maybe anxiety is the first feeling to wash over you? How about tension or irritation? Or maybe you think it's just plain daft because you won't be around by the time the leasehold expires anyway?
The one emotion you might not feel is laughter. Funny really, when something as straightforward as extending a lease is so simple! It gets even more laughable when you learn how the value of your home increases by extending the lease. You can keep it right there at the top of the market. So, when you sell it, you gain from increased profit. Now that definitely deserves a smile.
It has never been more important to improve the value and saleability of your flat, especially in uncertain economic times. With a wider range of similar properties on the market, buyers will also be more particular about whether the block is well managed.
Once you've extended the lease, you might be lucky enough to have lots of potential buyers who are prepared to make an offer. Wow! How amusing is that? Buyers, scared off by a shorter lease may seek a reduction to the purchase price which is nothing to smile about. And mortgage lenders will more readily propose a loan to an interested buyer if the leasehold is over a certain minimum number of years, usually around 70 to 80.
As you cans see, there are many advantages and reasons to extend your lease. Make sure you understand all the terminology - it's not as complicated as it seems initially; find an experienced solicitor who can take you to calmer waters; be prepared to be assertive but patient.
You will quickly find you have a set of rights as a tenant; if you are unhappy about the service your landlord/lady provides, your complaints won't be dismissed. There is a lot of support available and a lot to be gained.
Smile along the way and fear not. Don't let tensions rise, there's no need: that's what a specialist lease extension solicitor is there for, to soak up any strain and to guide you through the legal process.
Go through the process of lease extension and you might just find you're laughing all the way to the bank.
About the Author
Bonallack and Bishop are Lease Extension Solicitors ( http://www.enfranchisementsolicitors.co.uk ) with significant expertise in advising on all legal issues surrounding extending a lease. Tim Bishop is senior partner at the firm, responsible for all major strategic decisions. He has grown the firm by 1000% in 13 years and has plans for continued expansion.
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