There are many properties that are owned by people in the United Kingdom that are still located on leased land, such as many flats will also have a leasehold to pay as well as the mortgage. If you own a flat or house that has a leasehold then you should not let the leasehold run too low as this will affect the price of your property on the open market. You should be able to extend the lease on your property at reasonable price.
If you want to extend your lease then to legally extend your lease you need to have owned the property for the last two years. You do not necessarily have to live in the property to get an extension of the lease just owned the property. If you do extend your lease on a property you will find that it will increase the value of your property a considerable amount. If there is not long left on a lease and a property comes onto the open market then in general a much lower asking price for the property will be proposed.
When you extend a lease it is usually for a period of 90 years, you may find that if you are thinking of purchasing a property with a lease then you need to find out how many years are left on the lease as it will affect the mortgage if you are applying for a mortgage on the property. You will find that the lease has much less than 60 years remaining you will not get a mortgage and it will have to be purchased for cash or through an auction.
If you are in a property that is leasehold then you will find that you will have to pay a service charge on top of the mortgage payments. Always check out any leasehold property before purchase with a professional such as a solicitor. Always use a reliable and reputable company to deal with your leasehold it will pay dividends in years to come.
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