What happens when your lease runs out?

1. What happens when your lease runs out? If the leasehold of your property does run out, then the property will revert ‘back’ to being a freehold instead of a leasehold. This will, therefore, mean ownership of the land and building will go back to the freeholder. For example, if you had another sixty years left on the lease of your property in 2005. By 2065, even though you may have paid your mortgage outright, the property’s ownership would revert to your landlord. There are no legal rights you will have around this either. Be careful with leasehold properties that you are not ripped off by ground rent or any other hidden costs. What happens when a ground lease expires? The ground lease agreement states that all structures on and capital improvements of the land, including anything added by the tenant, is forfeit upon the expiration of the ground lease. Is it easy to extend a lease? It's usually then easy and cheap to extend the lease to 999 years at the same time. As a rough rule of thumb, the cost of a share of the freehold for one property (excluding legal fees) is similar to extending a lease by 90 years. Alternatively, you may still have a legal right to manage your building. When should I extend my lease? As a general rule of thumb, if the lease is less than 90 years you should almost certainly try to extend it because Properties with shorter leases are less valuable than ones with long leases (this is particularly true if leases are below 80 years) To renew your lease please visit us on ​https://www.leaseholdvaluations.com/ or contact us on: ​https://www.leaseholdvaluations.com/contact-us/ ​or call on: 01753 542984 ​or Email us on:​​enquiries@homereports.ltd.uk