Is it time to extend your lease and protect your asset? If you own a flat or a leasehold property, whether as your primary residence or perhaps an investment property, many fail to realise that their lease is only for a fixed number of years. Once those years have completely elapsed, the lease comes to an end and the property goes back to the landlord (normally the freeholder).  Short leases are an increasingly common headache for owners of flats when they come to sell.  As the years start to expire and the term gets shorter, the lease (your property) gradually loses value, and the cost of seeking an extension gets more and more expensive.  The shorter the lease, the harder the property is to sell.  The rule of thumb is that buyers are normally hesitant to purchase a lease with … Continue reading →