In general terms any Lease with a term of 80 years or less left to run may need extending in order to preserve the value of the leasehold interest and the property's marketability .
We can deal with the legal matters to extend the number of years under a "long" lease of residential property. The leaseholder under such a lease is entitled to ask the landlord for an extension to the number of years on the lease, subject to fulfilling certain qualifications. If agreement cannot be reached on the price to pay for the extension and other aspects that need to be addressed then there is a statutory process to follow to obtain a decision from the First Tier Tribunal Property Chamber. Where agreement can be reached with the landlord it will usually be necessary to also pay the landlords legal costs and valuers costs incurred by the landlord.
Whichever route has to be followed the process can take a while to complete and if you are selling a leasehold property with a term of years which needs extending the process should be started at an early stage to avoid delay in the sale.
