People who own a property of any kind will either own the leasehold or freehold to the property. People who only have the leasehold may be keen to apply for a lease extension as this gives them peace of mind that their property is safe for a given number of years. Many leases start out with lots of years on them such as hundreds of years but as time goes on this lease will begin to run out and in very old properties a lease extension is advised if there are only a number of years left on it. There are companies who specialise in lease extension and purchase freehold services and these companies will have all the expert skills and knowledge needed to help people successfully and legally gain a lease extension or purchase freehold rights to their property. It will often be dependent upon the type of property that people own as to whether they can get a lease extension or purchase freehold rights.
People who own a leasehold property and who want to apply for a lease extension are advised to do this when there is still around 80 years left on the leasehold. People will need to do plenty of research or pay an expert to do this research on their behalf as there are lots of legalities and rules surrounding both lease extension and purchase freehold options. People who own a flat or maisonette will only be able to purchase 90 year lease extension options and they won’t be able to purchase freehold of the property. Anyone who owns a house of any kind of other types of buildings apart from flats or maisonettes should be able to purchase freehold rights to their property.
Some people will only buy properties that are freehold so if anyone has a property to sell that is currently leasehold they can make their property more desirable by trying to purchase freehold rights. A lease extension will often cost less than it would to purchase freehold rights but the exact amount will depend on the individual property. Calculating the cost of a lease extension or to purchase freehold rights is a complicated process and this is why people will use experts in this field.
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