How To Continue Enjoying Your Flat - With A Lease Extension

You are enjoying where you live and you've been there for over 2 years. Ah, could be time to get thinking of a leasehold extension. Ok, so you were enjoying where you live until this little obstacle popped up.

Well, I'll move out then and find somewhere else to live for a couple of years, you tell yourself.

Stop! There is no law that insists that you must extend your lease after 2 years, this is merely the minimum term you must have owned in order to be entitled to the right to extend.

Ask yourself: do you know how many years are left on your lease? If not, then find out. Has it dropped below 80 years? This is where the problem is.

I'm not going to stay here for another 80 years, you protest. Who bothers with a leasehold extension? I probably won't live that long!

No, but your flat will and someone will want to buy it, whether that happens in one year or ten, twenty or thirty.

So let them buy it, let them extend the lease, what's the problem?

The problem is that your flat will have lost value and potential buyers will not only be put off by a short lease, but it is unlikely they will be able to secure a loan to purchase it -as mortgage companies really don't like lending on properties with short leases.

Oh.

Precisely. You understand what lies ahead if you don't apply now to extend your lease.

Ok, how do I go about that, what does it involve?

Step One: all you have to do is basic research and you will see everything that is involved. When you understand more, you can easily find out about things like your rights and what is expected of both you and the landlord/lady.

And that's it? I just fill in a few forms, sign, send away and hey, I've extended the lease. Oh, and any big costs involved? Just a small admin cheque, I imagine?

No quite. Step Two: speak to a lawyer who specialises in leasehold extension. You will need the guidance of a professional to see you through any loopholes, clauses, discrepancies and agreements. The process of extending your lease is not difficult but it does sit in the legal sphere - and that means correct and professional experience and handling.

Two straightforward steps this is all?

Exactly.

Wey, hey...I can continue to enjoy my little pad. I'm off now to extend my lease!