Lease contract durations and years left can be of great importance, especially to a new homebuyer in the market for a property.
While short term leases can be problematic and a cause for disputes, having the right information and getting adequate leasehold advice could be really helpful in adding some years to extend the contract.Ask your seller for the extension.
A valuable piece of leasehold advice is, to always ask for the current leaseholder to demand an extension of the contract to the house you want to buy from the freeholder.
This step could save you at least two years of living in the property before being able to go for an extension.
Keeping this in mind is also, a very useful card, when trying to lower the price or terms on a short term lease you are negotiating to buy.Some general rules to extending a lease.
A leaseholder has the right to an extension by law if, they have been the registered lessee of the property for at least two years provided that the contract still has at least 21 years to expire.
For a flat, a leaseholder can extend the contract by up to 90 years with the payment of a premium.
As for houses, a leaseholder can add 50 years to the current contract without immediate payment but, ground rate rent is expected to be higher from then on.
This process, no matter how straightforward it could be, should always be carried away through a professional and after getting good leasehold advice.Who could help extending your contract?
After the enormous rise in disputes in the past two years, it is relatively easy to find adequate and affordable leasehold advice from solicitors, legal conveyance firms, government supported groups, and even some universities.
Much of the legal information is also found online for free like laws and rules of contracts and residential associations, while basic property information is provided for a few pounds.