When you buy a flat in England or Wales it is usually bought on a lease. This means you own it for a specific number of years; for example, 125 years. Consequently, leases which were granted in the early 1980s are now hitting the 80-year mark. In the run-up to that 80-year mark, leaseholders need to consider whether or not to go for a statutory lease extension.
Writing in the Bernie Wales blog, Shabnam Ali-Khan sets out the key points to consider when homeowners are looking to extend their lease. She also explains the two main routes to a statutory lease extension and sets out the advantages and disadvantages of both.
The full article is available to read online.
Shabnam is a partner in the enfranchisement team. She specialises in lease extension and enfranchisement matters, primarily under the Leasehold Reform Housing and Urban Development Act 1993 working with a variety of clients ranging from high-net-worth individuals and companies to individual leaseholders and investor landlords.