Among the myriad of decisions homebuyers and owners have to contend with is leasehold. The number of years left on a lease is crucial when it comes to remortgaging or selling your home, and any potential buyer will struggle to be accepted for a mortgage once the unexpired lease term falls below 70 years. As the government consultation on leasehold homes continues, the issue of extending a lease has become one of the central topics.
The “enfranchisement” process covers both extending a lease and buying the freehold to your home – individually if it’s a house, or collectively in a block of flats. The Law Commission has already put forward proposals to provide a better deal. It wants to see the process become cheaper and easier.