Lease extension service to the rescue

Short leases can cause problems with property sales, as potential buyers might struggle to get a mortgage when there are fewer than 80 years left on the lease. 

Even if they are able to get a bank to lend to them, interest rates tend to be higher, making the property less attractive to them.

To help London property sellers with short leases, ludlowthompson has launched a lease extension service. 

Stephen Ludlow, Chairman of ludlowthompson, comments: “Our new lease extension service offers customers a one stop shop to extend their lease at a fixed cost.

"Many buyers need to extend their lease prior to a sale and we are providing our customers with an easy to use service with a reasonable and transparent cost.”

Facts about leaseholds

• There are over 3 million leasehold properties in the UK.
• 72% of London properties are leasehold.
• Leaseholders have a statutory right to extend their lease under the Leasehold Reform Housing and Urban Development Act 1993.