Whether you own a flat in a converted house or in a new or old purpose-built block of flats, you will only "own” that property for the period set out in the lease, after which the property reverts to the landlord.
To improve your position and to prevent you losing your property, you and the other flat owners may have the right to extend your leases. This is important to preserve the value of your flat, and makes it easier to sell or re-mortgage in the future.
The first step is to try and come to an agreement with your landlord, but in some cases this is not possible. There are often arguments over the price to be paid for the extended lease and this is where it is important to get proper advice and guidance. The rules and regulations relating to lease extensions are incredibly complicated, and not all solicitors are fully aware of how this area of law works. Claire Jones is a Partner in our Residential Conveyancing Team and she specialises in this complicated area of law.
If you are worried about this or are considering extending your lease, either on your own or as a group of residents, please contact us as soon as possible for further information.
