Lease Extension Fact 2:
Rejoice Rejoice, great news for leaseholders looking to extend their lease. Government reforms to the system of lease extension are coming which are very favourable to leaseholders.
Currently if a leaseholder chooses to extend their lease, they will be granted a 90 year extension to current term.
Under new proposals if you extend your lease you will be granted a new lease of 990 years. Also they have removed an element of the calculation known as marriage value, this will make a lot of lease extensions considerably cheaper for leaseholders. It is yet to be confirmed exactly when these changes will be implemented. Please get in touch with any questions.
For further information please click on link below or do drop me a line.
info@oldenpropertyconsulting.com
https://www.gov.uk/government/news/government-reforms-make-it-easier-and-cheaper-for-leaseholders-to-buy-their-homes
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