It is generally preferable to have at least 80 years left on your lease. If the time period remaining is any shorter than this it may make it harder to mortgage or sell your property.
A property could also begin to drop in value as the period of a lease runs down, increasing the risk of a leaseholder becoming trapped there.
Ordinarily there are two options available to leaseholders: either purchasing the freehold interest or obtaining a lease extension from the landlord.
Purchasing a freehold poses a number of challenges so it can be more straightforward for an individual tenant to apply for an extension to the lease.
At Reynolds Parry Jones LLP, our property team can advise on obtaining a lease extension. We will guide you through every stage of the process, providing information on your rights and assist in negotiations with your landlord.