LEASE EXTENSIONS AND ENFRANCHISEMENT
When you buy a leasehold property, you don’t own the property itself or the land that it stands on. Instead, you are purchasing the right to live in the property for a set number of years. Leasehold apartments are commonly for a term of 99 or 125 years whilst leasehold houses are commonly for a term of 999 years. Over time that number diminishes affecting the property’s value and the ability to get a mortgage on it. However, extending the lease can significantly increase its value, as well as ensuring the property remains mortgageable.
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