Leaseholders

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The House of Lords has now pulled down the final curtain on the question of how much should it cost you to buy a lease extension.

By a unanimous verdict it was decided that your landlord cannot increase the price by charging you what is called "hope value". However, other parts of the decision mean that your extension could still cost you more than before. The silver lining is that, at the moment, this may be offset by the decline in the property market. So if you are thinking about extending your lease and, with money in the bank earning very low interest, now would be the time to make your move - that is if you have money to cash in whilst prices are depressed. 

TIP
Now is the time to think about a lease extension if your lease is running down to 80 years or is below that length.