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.
In these unstable economic times it's hugely important to try and increase your flat's value and saleability. 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; seek out a good solicitor who can steer you through to calm waters; be prepared to be assertive but patient.
As a tenant, you will discover what your rights are; 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.
Keep smiling and don't panic. Don't let tensions rise, there's no need: that's why you have a specialist lease extension solicitor - to take off the strain and take you through the process.
Carry out a lease extension and you might end up coming out on top financially.