Wallace & Co., Solicitors and notaries in Balham, South London, South West London, Solicitor, Notary, can help if your lease is short. Lease extensions under 1993 Act.

Is my lease long enough?

The most common starting length is 99 years. If you need a mortgage, lenders usually require 45 or 50 years left on the lease after the mortgage has been repaid. Depending on the lender, leases start to be difficult to mortgage when they have 70 or 75 years left.

However, if your lease has less than 80 years when you ask for an extension it will cost significantly more than if it had more than 80 years. As you must have owned the lease for 2 years before you can ask for an extension and allowing 6 months margin for action many people would not buy leases shorter than 82.5 years.

If you are a leaseholder with a shortish lease you could:-

1. Apply for a 90 year extension under the Leasehold Reform, Housing and Urban Development Act 1993 (LRHUDA 1993)

2. Join with your fellow leaseholders in buying the freehold. When you have done this you can extend your leases. The contribution per leaseholder is usually less than the cost of a 90 year extention.

3. You could simply negotiate a longer term and agree a price with your existing freeholder.

If you are thinking of extending your lease, you should act before your lease term falls below 80 years or you will have to pay more for it under current legislation. If buying a lease, you should be careful if it has less than about 82.5 years to run when you buy it.

For further advice on this topic contact Philip Wallace.

Wallace & Co., Solicitors and Notaries. 11a Station Parade, Balham High Road, London, SW12 9AZ (entrance in Ravenstone Street).
Tel: 020 8675 6755. Fax: 020 8675 2001.
email: Is available

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