Extending a Lease on Houses - A Practical Option?

Lease extensions are not only available for those leaseholders residing in a flat. It is true that many leases are to be found in flats, where the freeholder owns the building. However many other leaseholders living in residential properties of all sizes should consider the importance of extending their lease.

Firstly, is getting an extension the best idea? Purchasing the freehold may be the best option, but in only normally open to those leaseholders in houses rather than flats. Certainly, it would put you more firmly in control of your own destiny. In this situation you would own the property and therefore have the automatic right to live in it, you will no longer have to pay ground rent or service charges. However, the terms of the lease may not allow for this, and it may be unrealistically expensive anyway. If it is an idea you want to pursue then get advice from an experienced solicitor.

If you cannot purchase the freehold to the property then you should still think about getting a lease extension. A short lease can seriously affect the value and saleability of your home, since it represents an unwelcome risk for potential buyers. Even if you have no intentions of selling, a short lease should concern you. If the lease ends, the property will no longer be yours. Your financial standing in the property will be redundant and you will instead be classed as an assured tenant of the landlord - far less secure than being a leaseholder.

The good news is that most people have the general right to extend their lease on their house, provided they've owned the lease for at least two years. There are exceptions, however. You cannot extend the lease if it's already ended, or if it was granted for less than 21 years in the first place, or if it's already been extended in the past (the law currently only allows for leasehold on houses to be extended once). There may be further exceptions to this so it is vital that you know your position.

Extending the lease on your house needn't be difficult, but you will need to be guided through the process. A solicitor specializing in lease extension will help you to clarify your situation, set the appropriate process in motion and serve the relevant paperwork. By doing this, you not only protect your financial stake in your home, but you gain peace of mind and security too - far outweighing any legal fees you have to pay.

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