You’re worried by the thought of your leasehold extension aren’t you? In particular, you’re stressed about the number of meetings, forms to fill in and the amount of bureaucracy that is going to be involved.
Life is busy enough; extending the lease on the apartment will be another hurdle to get through. It’s all beginning to make you feel a little angry at the thought. You’d rather be at the gym.
Meanwhile, the leasehold extension on your flat must be attended to; you know that it is sensible when the lease is about to fall below 80 years. You know that this stage is important and you shouldn’t delay acting. Leases on flats are generally between 99 and 125 years.
Where do you even start when you’re thinking about extending a lease? What do you need to know? What should you know? Much easier to tackle some other, more fun problem, such as getting a new mobile phone!
Fine, except that:
– your flat will be decreasing in value as the length of the leasehold falls…
– it will be hard to find a buyer…
– trying to sell will be a nightmare…
– high street lenders are not often keen to give a mortgage…
– it makes you want to go home and be grumpy with everyone.
Why? Because something so simple, extending a lease, your lease, is unresolved. Do you really want your next problem to be going to an anger management class?
No! It’s far easier to consult a solicitor who knows about leasehold extension. He or she can guide you in a clearly explained, straightforward way through the paperwork. A specialist solicitor will let you know what your rights are, and how to exercise them. In an uncertain housing market, with present post Budget belt tightening news, mortgage lenders are redefining lending criteria. They may prove even more reluctant to offer mortgages on flats with short leases. They also know that purchasers are likely to be more willing to pay more for a longer lease.
Extending a lease on a property is a fairly straightforward process, if you consult the right person who can guide you through smoothly.
Think about it. The procedure to extend your lease is likely to be a less stressful route than sitting around watching those years drop lower and have a flat that you cannot sell. Ask yourself: which is least likely to bring on the sparks of annoyance?
Get that leasehold extension sorted, bring in calm. Consult an experienced solicitor who can help you extend your lease, now.