we explore the nuances of both options—moving versus improving, delving into the advantages and disadvantages of each.
Leasehold is a property ownership type allowing occupation for a set lease term while the landowner retains ownership. Benefits include lower costs and shared maintenance, whereas drawbacks involve ground rent, limited control, and potential property value decrease. Leaseholders must navigate lease terms and seek freeholder consent for alterations.
The cost of extending a lease in the UK varies based on factors like current lease length, property value, ground rent, and location. Costs include premium, valuation and legal fees. Timelines vary; consider informal vs. statutory processes.
In May 2024, the UK government reformed the leasehold system to empower homeowners with more rights and protection. Changes include abolishing ground rents, simplifying lease extensions, and enhancing transparency in service charges, aiming to make homeownership more appealing and accessible.
Move or Improve 