Extending a short lease - pros and cons?

AdrianC

Brutally honestly? I really wouldn't worry about it. Keep your nest egg. Let somebody else worry about the lease. Your finances will see you out.

Threads don't get closed - they just peter out.

Good luck.

Skippy13

We're in the same situation although the costs aren't as high at the moment. We don't have the money to extend and, as I'll be 100 when it expires, we're not doing anything at the moment and hoping things will change regarding lease extension.

Loanranger

I think you should extend your lease. Your property will be worth far more. If you need a nursing home later on then the equity could be borrowed on a lifetime mortgage or you could sell it to pay for your care. Either way you will increase the value of the property . Do not underestimate how much cash you will need for a good nursing home. You definitely don't want to be reliant on a mediocre place nor one provided by your social services very basic budget. The extension to the lease will more than pay for itself.

Tom99

There are lease reforms in the pipeline which should make it easier and maybe cheaper to extend the lease so it your situation there is a lot to be said for wait and see.