Lease extension

jamels2

Hi there,
My leasehold flat has gone under 63 years left.
I am wondering if it should be my first priority to extend it before anything else?
I read 80 is the magic number, does this mean every day that goes by below 80 is costing more?
Is it a bad decision if I left it another few years?
Is it essential I take a statutory route despite it costs more and takes much longer?
Thanks for your replies

eddddy

jamels2 wrote: »

I read 80 is the magic number, does this mean every day that goes by below 80 is costing more?

Probably. Unless the value of the property drops for some reason. (e.g. a property price crash, new motorway built nearby etc)

jamels2 wrote: »

Is it essential I take a statutory route despite it costs more and takes much longer?

It's not essential, but it's guaranteed that you'll get a lease extension (if you qualify), and that you'll get a reasonable deal.

If you go down the informal route, you need to make sure you get a reasonable deal (some freeholders 'rip-off' leaseholders who don't fully understand the economics of lease extensions.)

And some 'bad' freeholders do things like mess leaseholders around for months, with no real intention of offering an extension.