If you own a leasehold property, understanding how lease extensions work is essential, especially as your lease term starts to fall. A decreasing lease can affect your property’s value, mortgage options and future saleability, which is why many leaseholders choose to act before the lease becomes too short.
Julekha Nathani, Senior Associate in Conveyancing at our Market Harborough office, explains the two main routes to extending your lease, the key differences between them, what a Section 42 Notice is, and the costs you should expect along the way.
Over the years, I have advised many clients on leasehold extensions and one of the most common things I hear is that the process feels confusing at first. There are different routes available, different costs to think about, and unfamiliar terms. The good news is that once the process is broken down into plain English, it becomes much easier to understand.
