Extending your lease

 

If you own a flat then you will have a lease which gives you the right to live in your property. Most of our leases last for either 99 or 125 years. If your lease is below 80 years, you might wish to extend it.  Many homeowners start considering extending their lease once their lease has around 85 years remaining on it, as the shorter the time left on the lease, the more it will cost to extend it. 

 

Why should I be extending my lease?

Once a lease has less than around 80 years remaining on it, it is referred to as 'short'. A short lease can cause:

  • a decrease in the value of your property,
  • difficulty in remortgaging or taking out a loan using your home as capital,
  • higher mortgage rates on a property with a short lease,
  • difficulty in selling a property with a short lease.

 

I am unsure how long is left on my lease

Your lease contains a 'commencement date' which is the date from which your lease starts. Your lease also states how long the lease is granted for. If you can't find this information or do not have a copy of your lease, then please contact Origin's Leasehold and Commercial Team and we will provide you with this information. 

 

I wish to proceed with extending my lease. What should I do next?

Please contact Origin's Leasehold and Commercial Team using the form below if you wish to extend your lease. If you have a 'short' lease, we might be able to help you extend it back to a period of 125 years.