If you own a lease, the term decreases over time. As your lease term gets shorter it can make your property harder to sell, you may find it more difficult to remortgage and it can decrease the value of your property. Once a lease has 80 years or less then many mortgage companies will not lend against them.
You may be able to extend your lease by an additional 90 years. There is a premium payable to us for this. This premium goes up significantly for leases with a term of 80 years or less so it is worth considering whether you are able to extend your lease before this.
Summary of costs
|Item||Statutory extension||Voluntary extension|
|Premium||Subject to a valuation||Subject to a valuation|
|LiveWest administration fee||£300||£300|
|LiveWest solicitor fee||£1000||£1000|
|LiveWest valuation fee||£300-£500||£300-£500|
|Leaseholder solicitor fee||Leaseholder to arrange||Leaseholder to arrange|
|Leaseholder valuation fee||Leaseholder to arrange||Not applicable|
We are not able to confirm the premium payable for a lease extension as this is dependent on a formal valuation. You can, however, get an idea of how much it could be by using the calculator on the LEASE website.