Leasehold dilemma: extend a lease now or wait for a better deal?

As a government consultation continues, it’s a crucial and costly issue facing the owners of flats and houses

Among the myriad of decisions homebuyers and owners have to contend with is leasehold. The number of years left on a lease is crucial when it comes to remortgaging or selling your home, and any potential buyer will struggle to be accepted for a mortgage once the unexpired lease term falls below 70 years. As the government consultation on leasehold homes continues, the issue of extending a lease has become one of the central topics.

The “enfranchisement” process covers both extending a lease and buying the freehold to your home – individually if it’s a house, or collectively in a block of flats. The Law Commission has already put forward proposals to provide a better deal. It wants to see the process become cheaper and easier.

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from Property | The Guardian http://bit.ly/2QquoSu
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