If you are a Leaseholder you must remember that those leases below 80 years can affect the value of the property as well as a potential buyer’s ability to secure a mortgage.
Most Lenders will not consider a property as a suitable security for mortgage purposes if the lease remaining is less than 80 years.
The cost of extending the lease can substantially increase once the remaining term is less than 80 years. The process of extending the lease should begin when the lease still has 82 years to run so that all matters can be concluded well before the 80 year cut off point.