Combined tool offers lease term and extension costs estimate
Summary
LEASE has combined its lease length checker and lease extension calculator into a single online tool for leaseholders in England and Wales. The service is intended to help users assess remaining lease term, estimate extension costs and understand next steps, with LEASE highlighting that many owners only become aware of lease length issues when selling, remortgaging or extending.
Why it matters
Lease term and extension cost are material factors in valuation, saleability and mortgageability, so surveyors may increasingly encounter clients relying on LEASE’s estimates. The article also sits within wider leasehold reform activity, which remains relevant to advice on leasehold property transactions.
Key points
- LEASE has merged two tools into one combined lease term and extension calculator.
- The service is aimed at leaseholders in England and Wales and is free to use.
- LEASE says 8% of residential leases have between 80 and 90 years remaining, with concentrations in London, the South East and Eastern regions.
- The tool is designed to help leaseholders make informed decisions before selling, remortgaging or extending a lease.
- The update aligns with the government’s leasehold reform agenda and the Leasehold and Freehold Reform Act 2024.
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