Should I extend my leasehold?

Should I extend my leasehold?

As a general rule of thumb, if the lease is less than 90 years you should almost certainly try to extend it because: Properties with shorter leases are less valuable than ones with long leases (this is particularly true if leases are below 80 years) Properties with shorter leases can be more difficult to sell.

What are the rights of living in a leasehold flat?

First and foremost, the right of ”quiet enjoyment” of the flat for the term of the lease, this right is implied by law ,even if it is not set out in the lease. “Quiet enjoyment “means the right to reside in the premises without, unreasonable, interference from the landlord.

When does the value of a leasehold flat decrease?

Thus, if it were not for inflation, the value of the flat would diminish over time until the eventual expiry of the lease, when the flat returns to the landlord (although an assured tenancy would then become a possibility).

What does quiet enjoyment mean in leasehold flats?

“Quiet enjoyment “means the right to reside in the premises without, unreasonable, interference from the landlord.

Can a garden be included in a leasehold building?

A garden can be included, unless it is a communal garden for the building. What the leaseholder owns is often defined in the lease as the “Demised Premises” The structure and common parts of the building and the land it stands on are usually owned by the freeholder, also known as the landlord.

Who are the funders of leasehold retirement housing?

LEASE is funded by the Ministry of Housing for Communities and Local Government and the National Assembly for Wales. ARHM, the Association of Retirement Housing Managers is a trade body that represents organisations managing private retirement housing.

Are there any problems with leasehold retirement housing?

Most leaseholders will be satisfied with the management of their retirement development but occasionally problems do occur: Problems which you might experience can include: reductions in service provision, eg withdrawal or decrease in the hours of the resident manager service;

First and foremost, the right of ”quiet enjoyment” of the flat for the term of the lease, this right is implied by law ,even if it is not set out in the lease. “Quiet enjoyment “means the right to reside in the premises without, unreasonable, interference from the landlord.

Who is the biggest builder of retirement flats in the UK?

McCarthy & Stone is the biggest builder of retirement flats in Britain, with 1,200 developments across the country, and sales of about £700m a year, but has faced repeated accusations of poor resale values.