Friday 24 June 2011

Lease extension - I can't sell because my lease is too short!

One of the problems caused by the explosion of house convertions across Southend during the 70s was that thousands of leases were created which seemed long at the time but now don't! This can be a nightmare because if too few years are left it can be impossible to get a mortgage or sell. For once the government introduced some sensible legislation allowing lessees in that position to force their landlord to grant a lease extension in exchange for a reasonable payment. However beware! The process can be drawn out so don't wait until you want to sell to try to extend as it could take months - think ahead. If you want to know more then the rules are set out in more detail on this helpful website http://www.leaseholdlaw.com/

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