Thackray Williams

The Law Society is calling on leaseholders to use a solicitor to extend their leaseholds while property values are low.

The Society says that leases should be extended now, as the property value is a very significant factor in determining the cost of extending the lease or buying the freehold.

Paul Marsh, Law Society President says:

“Flat owners could actually benefit from the lower prices in the market. Most leases run for 99 years, but once they have less than 80 years left to run the cost of buying a lease extension increases significantly. However, it is possible to extend the lease and it is cheaper to do so when the market values are low, as the cost of extending is partly determined by the value of the property.

Extending the lease could make it more saleable, so leaseholders should contact their solicitors and look into extending their term even if they are not planning on selling straight away.

Delaying it could hit flat owners with a double whammy. When property prices go up and the length of time left on the lease has gone down, it will be more expensive to extend it.”

For more information about extending the lease on your property, contact Chris Macartney on 020 8663 0503 or email chris.macartney@thackraywilliams.com