Lease extensions: why as an owner of a residential flat you need to do it before the lease has 80 years left.

If you are an owner of a flat and your lease has less than 90 years remaining you should think about extending your lease, especially if the purchase of the freehold is not an option for you.

If your lease has over 80 years to go you need to act urgently before it drops under 80 years and marriage value is payable to the freeholder. (Marriage value is taken as the latent increase in value arising from the joining of the freehold and leasehold interests and the law requires that this potential profit be shared between the parties.)

Owners of residential flats can now force their freeholders to extend their leases (once they have owned their flat for two years). They can also, collectively with other flat owners, acquire the freehold or the right to manage in respect of their block or building. However few flat owners know that (if they have owned their flats for two years) the right to extend can be transferred to their buyer.

It is important that you seek legal advice on any lease extension as we may well be able to negiotiate better terms on your behalf. We will also ensure that the lease extension is registered at HM Land Registry. With the use of our online resources we are able to help speed up the legal process to ensure that you complete the lease extension as soon as possible. If you need to extend the lease before you can sell your property, we will ensure that the transactions run as seamlessly and as quickly as possible.

Contact:
Deborah Bishop. Bedford Office. 01234 858000. Freya Buckley. Stevenage Office: 01438 346000

	Remortgages Transfer of Equity Buy to Let Lease Extensions	If you are an owner of a flat and your lease has less than 90 years remaining you should think about extending your lease, especially if the purchase of the freehold is not an option for you. If your lease has over 80 years to go you need to act urgently before it drops under 80 years and marriage value is payable to the freeholder. (Marriage value is taken as the latent increase in value arising from the joining of the freehold and leasehold interests and the law requires that this potential profit be shared between the parties.) Owners of residential flats can now force their freeholders to extend their leases (once they have owned their flat for two years). They can also, collectively with other flat owners, acquire the freehold or the right to manage in respect of their block or building. However few flat owners know that (if they have owned their flats for two years) the right to extend can be transferred to their buyer. It is important that you seek legal advice on any lease extension as we may well be able to negiotiate better terms on your behalf. We will also ensure that the lease extension is registered at HM Land Registry. With the use of our online resources we are able to help speed up the legal process to ensure that you complete the lease extension as soon as possible. If you need to extend the lease before you can sell your property, we will ensure that the transactions run as seamlessly and as quickly as possible. Contact: Deborah Bishop. Bedford Office. 01234 858000. Freya Buckley. Stevenage Office: 01438 346000 Back to top

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