Do you own a house or flat purchased on a long lease from Together Housing?
You may be aware that many long leases can become more difficult to sell or to raise a mortgage for once they are under 80 years in length. This is because many high street lenders become more cautious.
It is worth checking the original date of your lease and the length of its original term. The original term can be from 99 to 125 years.
If your term has reduced to nearly 80 years, it is worth considering applying for a lease extension. This will lengthen your original lease and secure the property's value.
You do have the legal right to extend your lease, but this does involve a long and expensive legal process you must follow. However, by contacting us directly, it is possible for us to agree to a lease extension on an informal basis. This can be a cheaper option as you would save on the legal costs.
This process would still require us to undertake a valuation of the lease in order to obtain a premium value to extend it, and then our solicitors would carry out a formal drafting of the extension. Throughout this process you would need your own solicitor to act on your behalf and register your lease with the Land Registry.
Please note that you would still have to pay for the costs of this service, but we can negotiate these.
We would strongly recommend that you speak to us before you approach a solicitor or a specialist lease company.
If you are interested and would like further information, please contact our Home Ownership team at firstname.lastname@example.org or via our Customer Service Centre on 0300 555 5560.