Don’t forget: if you’re a leaseholder, then you may need to extend the amount of years left on your lease.
The length of a lease can vary but usually starts at 99 years and can be as much as 999 years.
The time left on the lease reduces as the years go by and will eventually run out. For example, if you bought your property 10 years ago then you may have 89 years left on a 99 year lease. Remember, if your lease has no more years left on it, then your home will become Derwent Living property again.
It’s possible to extend the lease but it does get more expensive as time passes. You must have held your lease for at least two years before beginning the application, but after this you can extend it at any time.
You might think that it isn’t a problem because you won’t be around in 89 years’ time when the lease runs out, but over time the property will become harder and harder to resell. That’s because nobody wants to buy a leasehold property if it means they would immediately have to spend a chunk of money extending the lease.
If you own 100% of your property then you can apply for a lease extension through your solicitor. However if you own a smaller percentage of the property, then you will need to request a lease extension application form from the home ownership team here at Derwent Living.
We recommend that if you have a lease with less than 85 years left on it, you should contact Derwent Living as soon as possible or download an application form.
The policy and procedure is also available to download and this details the process step by step.
Derwent Living is not able to give you a price for the premium until a valuation has been carried out. There are independent on-line calculators available to give you an indication of what this might be.
If you have any questions regarding lease extensions, you can talk to the Home Ownership team by calling 01332 346 477.