The Leasehold and Freehold Bill will ban leaseholds for new houses but not new flats in England and Wales and increase the standard lease extension period to 990 years.
Whether you proceed to extend your lease now or later will depend on a number of factors:
- If you have a lease of between 80-85 years left, then it may be feasible to wait until the new legislation comes into force but factor in that should you lease drop down to less than 80 years and the legislation is not forthcoming then you would be paying marriage value.
- If you have more than 82 years on your lease, then it is probably best to wait as the process and the cost may be cheaper.
- If you have less than 80 years, then it may just be wise to wait until the reforms come into force as they might make a lease extension cheaper.
