What You Need to Know Before Purchasing a Short Lease Property!

Considering a Property with a Short Lease? If a lease has less than 85 years left, be cautious. Once a lease drops below 80 years, the cost of extending it significantly increases.

Understanding Lease Terms A lease is a contract between property owners and tenants. It outlines rights and responsibilities, such as rent and maintenance.

What is a Short Lease? Leases under 80 years are considered short. The '80-year rule' marks a crucial threshold where extension costs surge due to marriage value.

Extending a Short Lease Yes, you can extend a short lease, but it's not always straightforward. The process becomes more complex and expensive as the lease duration decreases.

Buying a Property with a Short Lease Getting a mortgage for a short lease can be tough. Some lenders offer solutions, but expect higher interest rates due to the perceived risk.

New Leasehold Reform Act The Leasehold Reform Act has now passed, making it easier to deal with short leases. Click the link below to find out more!