Lease Extension

A lease extension adds a new continuation period (years) to your current lease. This is usually made between two parties - you as the leaseholder and Redwing as the freeholder. The extension is a contract, setting out a new date on which the lease extension begins and ends, along with any new terms, signed and agreed between the two parties.

Why should I apply for a lease extension

If you’re thinking of selling your home, it’s important to make sure you have a long lease, typically 90 years or more, so you can increase the number of buyers you will attract.

Am I eligible for a lease extension?

To qualify for a lease extension, you must:

• Own a long lease (a lease that was granted for longer than 21 years)

• Be the registered owner at Land Registry for at least the past two years and not be a business or commercial tenant. You do not need to have lived in the property for this period, you just need to have owned the lease for two years or more.

If you have a shared ownership lease, you need to have purchased 100% of the equity (completed the final staircasing).

If you are considering extending your lease or you want to discuss the process in more detail, please contact our property management team on 0344 736 0063 or email info@redwing.co.uk

 

The length of your lease will vary depending on when it was granted, so it’s really important that you check your lease, especially if your solicitor hasn’t shared this information with you when you purchased the property. We can obtain a copy for you - there is an administration fee, details of which are on our website. Mortgage lenders normally request that there is at least 80 years remaining on a lease, and usually will not lend if a lease length falls below 70 years. If you are re-mortgaging or considering selling your property, taking action before the lease falls below 80 years will avoid future complications.  

There can be cost savings made, mostly relating to legal fees, when several residents extend their lease at the same time. This is called ‘collective enfranchisement’ and is something that you may wish to consider if you live in an apartment block or similar. You may be aware that the government is introducing legislative changes to the way landlords approach lease extensions in the future. We are awaiting further government guidance on these matters and will act accordingly. Redwing does not currently charge ground rent to any of our leaseholders, and have not done so for many years. 

How do I get started?

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If you have any questions please contact our property management team on 0344 736 0063 or email info@redwing.co.uk.