Lease Extensions
Learn about lease extensions, when you may need one and how Redwing can support you through the process.
Selling Your Leasehold Home
Selling a leasehold property is similar to selling any other home, but there are a few extra pieces of information that buyers, solicitors and mortgage lenders may need along the way.
Understanding what’s involved early can help make the process smoother and help avoid delays later on.
Whether you’re moving to a new home, downsizing or simply exploring your options, we’re here to help.
What Leaseholders Need To Know
What Is A Lease Extension?
A lease extension increases the length of time remaining on your lease.
Extending your lease can help protect the value of your home, provide greater long-term security and may make it easier to sell or remortgage your property in the future.
If you’re unsure how much time is left on your lease, our team can help point you in the right direction.
Why Do Leaseholders Extend Their Lease?
There are lots of reasons why leaseholders choose to explore a lease extension, including:
- Protecting the long-term value of their home.
- Improving future saleability.
- Supporting future mortgage applications.
- Providing peace of mind.
- Securing a longer period of ownership.
Remember, every situation is different, so it’s worth understanding your options before making a decision.
How Does A Lease Extension Work?
Understand Your Lease
The first step is understanding how much time remains on your lease and whether a lease extension is something you may want to consider.
If you;re unsure where to find this information, we’re happy to help.
Explore Your Options
We’ll talk you through the information available and help you understand the process involved.
Seek Professional Advice
Many leaseholders choose to speak with a solicitor or specialist adviser before proceeding with a lease extension.
Progress The Extension
The process and timescales will depend on your circumstances, your lease and the ownership structure of your building. We’ll be happy to explain what applies to your situation.
Why Should I Start Thinking About A Lease Extension?
Many leaseholders don’t need to think about extending their lease for years.
However, it’s often understanding your options before the remaining lease term becomes significantly shorter, particularly if you’re thinking about selling or remortgaging in the future. Starting the conversation early gives you more time to understand your options and plan ahead.
Frequently Asked Questions
Our frequently asked questions provide you with answers to some of the most common questions around lease extensions.
How do I know how much time is left on my lease?
A lease is a legal agreement that outlines your rights and responsibilities as a leaseholder, as well as the responsibilities of the freeholder or managing agent.
Do all leaseholders have the right to extend their lease?
The options available will depend on your individual circumstances and the terms of your lease.
Will extending my lease increase the value of my home?
Every property is different, but many leaseholders choose to extend their lease to help protect the future value of their home.
Can I sell my home without extending the lease?
Yes, however buyers and mortgage lenders may take the remaining lease length into account.
Do I need a solicitor?
Many leaseholders choose to seek independent legal advice when exploring a lease extension.
How long does a lease extension take?
Timescales vary depending on the property and the circumstances involved, but we’ll help explain what to expect before you begin.
Need More Information?
Thinking about extending your lease or unsure whether it’s something you should consider?
Our team is here to answer your questions and help you understand the next steps.