Lease Extensions on the Rise

Leaseholders seeking lease extensions have increased dramatically, with a reported 400% rise in enquiries in 2007, according to The Ringley Group's Leasehold Guidance Service.

Why Are Lease Extensions Becoming More Popular?

The surge in interest is attributed to the hardening of the residential property market and the growing number of properties with shorter leases, making lease extensions essential for property investment.

The Role of Ringley Group in Leasehold Enquiries

Ringley Group's consumer website, www.leaseholdguidance.com, reveals a significant increase in enquiries related to leasehold issues, with lease extensions being the most common query, followed closely by absentee freeholder issues.

Predictions for Continued Growth

Mary Anne Bowring, Managing Director of Ringley, predicts that the demand for lease extensions will continue to rise due to the shortening of leases, which will become increasingly important in the market.

The Importance of a Long Lease for Property Investment

As properties with shorter leases become more common, particularly in London, having a long lease will become essential for attracting buyers and ensuring your property is seen as a good investment.

Legal Rights and Value Addition with Lease Extensions

Leaseholders who have owned their property for at least two years are legally entitled to claim a 90-year lease extension, a move that can significantly increase the value of the property.