Over half of over 55s who own leasehold properties in England and Wales would consider extending their lease or buying the freehold, according to Key.
Leasehold properties account for approximately 25% of property sales in England and Wales. If a property has 80 years or less left on the lease, it can be costly to extend the lease. Some people find it more convenient to purchase their properties instead. The research concluded that 41% of leasehold properties have 80 years or less on the lease and a further 18% have less than 50 years on their lease.
“Equity release and other later life lending products can offer a solution for older people who are facing watching the value of their home gradually decrease as the number of years on their lease falls.”
“Good expert advice is key to ensuring that older homeowners receive the most benefit from their property wealth and use it in the most appropriate way for them and their families.
“Anyone considering buying a freehold or extending their lease should get legal advice or use the Government-funded free independent Leasehold Advisory Service.”
Looking to extend a lease or buying the freehold? It’s crucial that you get proper legal advice. Call our Specialist Property team for free initial leasehold advice today on 01772 427606 or use the button below to request a callback: