Depending on their familiarity with the British concept of leasehold residential property, different people have different ideas of what a “short lease” is. Whereas in many areas of London a leasehold flat with 50, 60 or 70 years remaining may cause worry and may in particular frighten off prospective purchasers, in such areas as Mayfair, Knightsbridge and Marylebone flats with less than 30 years remaining are quite common.

Interpretation of “short” aside, short leases are wasting assets and are certain to become less valuable and less attractive to the market as expiry approaches. The right for an individual qualifying leaseholder to purchase an extended lease of a term 90 years longer than the remaining unexpired term on the existing lease is one way of addressing the shortness of a lease on a flat. While this may sound like a simple procedure, complications could arise if, for example, the freeholder pressures the leaseholder to agree to a “non-statutory” extended lease. Bluepoint Consulting can help you understand your situation and what your options are for negotiating and agreeing the terms of a new extended lease on your flat.