A leasehold property is where the owner of the freehold grants you a lease for a specified number of years. Once this period has ended, the owner of the freehold has the legal right to claim the land back from you.
A leasehold extension is required by owners of residential properties once the remaining time on a lease falls below 70 years. When a lease falls under this time period, lenders can be less willing to provide a mortgage causing difficulties when its time to renew your mortgage or sell your home.
At Lynwood Solicitors we will advise you of the best course of action if this is your current situation. We will negotiate with the freeholder or use the law to extend your lease. If you are considering buying the freehold of your property we will be happy to advise and guide you.
If your lease is below 70 years or you have queries about your lease, please click here to contact us now.