Your lease will almost certainly be for a term of 99 or 125 years. Once there are 80 years or less remaining on the lease, it is known as being “short”. Many leaseholders will already be aware that when a lease becomes “short”, it affects the value of that lease and may create difficulties if you wish to sell or re-mortgage. You can extend your lease by 90 years at any time. It is advisable to do this before the lease becomes short.
A lease extension is a statutory right for properties where the leaseholder owns 100%, provided you meet the qualifying criteria. You can do this through a formal process as outlined in our guide to extending your lease.
It is not a statutory right for a shared owner to have a lease extension granted, however we recognise that this is something many of our leaseholders would like to do and so we also offer an informal process. This is also included in our guide to extending your lease.
In some circumstances the formal process can be more expensive than the informal, so we will allow shared owners and 100% leaseholders to undertake the informal process if they wish to.
For further information contact our Home Ownership Team on 0300 303 7333 or Homeownershipteam@east-thames.co.uk