Most mortgage providers may not accept a Lease which has less than 70 years left. The longer you leave it the more expensive it may get to extend and the value of the property tends to get lower.
The cost of extending the lease could also rise if the remaining term on your lease drops below 80 years. This is what is called the ‘marriage value’. We would advise to start your lease extension as soon as you are able to avoid the substantial increases in the cost.
Extending your lease allows you to add an extra term on top of your existing lease.
At Advance we could arrange to add 90 years on top of your existing term. Therefore if you have 70 years remaining on your lease, this could than increase to 160 years!
Alternatively we could look at increasing the term to 999 years.
Extending the lease could have a positive impact on the re sale value of your home or investment to allow you to sell the property at the market value.
There are a few qualifying criteria that must be met, however, the 2 main one are:
- You must have lived in the property for a minimum of 2 years
- You must own a lease with an original term of at least 21 years
Contact us today for a no obligation quote to extend your lease