For people who own flats or other leasehold property, the problem of a diminishing lease term is becoming more apparent – many 99 year leases having commenced during the 1960s, 70s and 80s.

Short leases (below 80 years) will impact on the value of your property asset. This will affect the price lessees are able to achieve on a sale or the amount one is able to raise on a mortgage.

If you are a lessee and find yourself in this position, we can help. Current legislation and industry practice have evolved to ensure that your lease can be extended so as to protect its asset value.

If you are a landlord and receive requests from your lessees for their leases to be extended, let us know as we can provide advice to ensure that your returns are maximised.

As with Collective Enfranchisement this area of the law and valuation procedure generally requires both parties to take professional advice. At Parsons Son & Basley we advise landlords and lessees on literally 100s of lease extensions each year.