How To Extend A Lease-
Do's And Don’ts
Extending a lease helps you to protect your property. You can easily get a mortgage if you have a long lease. However, extending your lease will cost more as the price of the property increases.
How to extend a lease is a simple question but most of you do not have an answer to it. The law allows you to extend your lease by 90 years. Landlords are not questioned in the middle. So 90 years are added to the number of years remaining. By extending the lease the ground rate becomes zero no matter what it was earlier.
The change is immediately effective after you extend it. It does not wait for the tenure to get over. You should extend the lease before the number of years fall below 80. There are only two requirements for extending. The first one being you should own that flat for at least two years. And the original lease has to be granted for at least 21 years. Generally leases are granted for 99 years, so the later point is never an issue.
There are a few exceptional cases which are not liable for extension. In case if the flat is leased by a charitable trust, a business or commercial tenants do have the option of extending the lease. If the flat is leased from national trust property and the flat is the property of the crown or cathedral zone.
The owner can refuse to extend the lease if the tenure is less than 5 years hence it is very important to know How to extend a lease.
Extending a lease helps you to protect your property. You can easily get a mortgage if you have a long lease. However, extending your lease will cost more as the price of the property increases.
How to extend a lease is a simple question but most of you do not have an answer to it. The law allows you to extend your lease by 90 years. Landlords are not questioned in the middle. So 90 years are added to the number of years remaining. By extending the lease the ground rate becomes zero no matter what it was earlier.
The change is immediately effective after you extend it. It does not wait for the tenure to get over. You should extend the lease before the number of years fall below 80. There are only two requirements for extending. The first one being you should own that flat for at least two years. And the original lease has to be granted for at least 21 years. Generally leases are granted for 99 years, so the later point is never an issue.
There are a few exceptional cases which are not liable for extension. In case if the flat is leased by a charitable trust, a business or commercial tenants do have the option of extending the lease. If the flat is leased from national trust property and the flat is the property of the crown or cathedral zone.
The owner can refuse to extend the lease if the tenure is less than 5 years hence it is very important to know How to extend a lease.
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