Leasehold Advisory Service launches tool to help leaseholders estimate extension costs
The service combines LEASE's existing lease length checker and lease extension calculator, providing users with personalised information on their remaining lease term.
The Leasehold Advisory Service (LEASE) has launched a free online tool to help leaseholders in England and Wales check their remaining lease length and estimate the cost of extending it.
The service combines LEASE’s existing lease length checker and lease extension calculator, providing users with personalised information on their remaining lease term, estimated extension costs and guidance on the options available.
Leaseholders can also download or email their results for future reference.
The launch follows analysis from LEASE which estimated that almost one in 12 (8%) residential leases in England and Wales have between 80 and 90 years remaining.
Under the current system, the length remaining on a lease can affect the cost of extending it, with leaseholders often considering their options as the term approaches 80 years.
The analysis, which was processed by the Open Data Institute (ODI), also identified regional differences among leases with between 80 and 90 years remaining.
Of those identified, 41% were in London, followed by 16% in the South East and 11% in the East of England.
LEASE said remaining lease length can affect the value of a property and potentially make it more difficult for owners to sell or remortgage.
The Government has set out reforms intended to make it easier and cheaper for leaseholders to extend their leases or purchase their freeholds, including measures contained within the Leasehold and Freehold Reform Act 2024.
However, some measures within the Act are yet to come into force and are due to be introduced in stages.
Kion Ahadi, chief executive of the Leasehold Advisory Service, said: “Our new tool gives leaseholders a simple way to understand where they stand. By bringing together lease length information, estimated extension costs and practical guidance in one place, we’re making it easier for people to make informed decisions about their home.
“Our analysis suggests that around one in 12 residential leases have between 80 and 90 years remaining. Many leaseholders are unaware of the importance of their lease length until they come to sell, remortgage or consider extending their lease.
“Checking your lease early can help you understand your options and avoid making decisions under unnecessary time pressure.”
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