Property Condition
Lease Extension
Adding years to a leasehold property's remaining term
Full Definition
Lease extension adds years to a leasehold property's term. After 2 years of ownership, leaseholders have statutory right to extend by 90 years (flats) at market cost. Extensions become increasingly expensive as leases fall below 80 years due to 'marriage value'. Factor extension costs into purchase calculations for short leases.
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