Last year, the government introduced a stamp duty holiday in an attempt to keep the property market moving through the lockdown. The changes meant that some homebuyers were able to to benefit from a £500,000 tax-free threshold, up from £125,000...
If you already own or are considering purchasing a property that is leasehold, you may need to look at extending the lease at some point. Buying a leasehold property means that you’re purchasing the right to live in the home for a period of time rather than owning the land itself, as is the case with freehold properties. Leasehold is most common with flats or apartments, but some houses are also leasehold. With London having a very high proportion of residents living in flats in comparison with other areas of the country, many London home buyers will come across the possibility of purchasing a leasehold property and will want expert advice on extending their lease.
With leasehold properties, the shorter the lease, the more the value of the home is affected, as many mortgage lenders will not lend on a property with a short lease, which is usually anything under around 75-85 years. Most leasehold flats have a maximum lease length of between 99 years – 125 years, so if yours is approaching or under the lower threshold, you may want to look at lease extension in London.
Get in touch with our specialist lease extension solicitors to find out more by calling 0161 696 6187.