A leasehold is one common way to own a property or flat, but if you are planning to buy a leasehold property then you need to consider the years you have left and should you wish to extend it. Normally a property with a short timeframe left on the lease is less desirable, however it’s still worth a survey to know the cost of extending the lease since it will add an increased value to the property in the long run.
Most property owners have the right to extend their lease provided that the property has been owned for more than 2 years. You can freely extend your lease for a timeframe of 90 years for a flat and 50 years for a house. A leasehold law is complicated since extending a lease depends on the value of the property, however you also need to consider more costs for legal fees and valuations.
It is important to consult legal advices in extending your lease because this is to assure that no prejudice appears to the future sale of your property. A Governmental Leasehold website can give you more information and proper guidance about a leasehold.