Empowered consumers are prepared to make changes in response to disruptions.
The length of your lease can have a significant impact on the value and future saleability of your property. As the remaining term reduces, extending your lease can become increasingly important — particularly if you're considering selling, refinancing or simply protecting your investment for the future.
For many leaseholders, the question isn't whether to extend, but when. Leaving a lease to become progressively shorter can affect how attractive the property is to potential purchasers and mortgage lenders, while potentially increasing the cost and complexity of extending it later.
At Hobman Howlett, we specialise in lease extensions and freehold purchases across Brighton, Hove and Sussex. We provide clear, straightforward valuation advice, helping you understand your position, the likely costs involved and the best way to move forward.
Extending your lease can provide several long-term benefits. A statutory lease extension can add 90 years to the existing unexpired term and remove the ground rent, helping to improve the property's marketability and giving you greater certainty over its future.
Timing can also be important. If you're thinking about selling, extending your lease may open your property to a wider range of purchasers, including those who require mortgage finance. A short lease, by comparison, can restrict the potential market and may lead buyers to expect a discount.
Every property and lease is different, which is why specialist advice is valuable. We can assess your individual circumstances, explain the process in plain English and provide the valuation expertise you need to make an informed decision.