A lease extension is the process of agreeing on terms with the freeholder or leaseholder to extend the term of the lease. If the number of years remaining on the lease is too low, the value of the property will suffer, therefore a lease extension may be necessary to secure a good price for the property and improve its saleability. In addition, mortgage lenders will not lend to buyers if the length of the lease is too short.
A Transfer of Equity is when someone is added or removed from the ownership of a property; this could be one owner adding a husband or wife, a parent, adding a son or daughter, or a separating couple removing one of them from the property ownership.
Equity release mortgages are specialist mortgages allowing you to release a cash sum from your property without you having to sell the property.
If you are buying a property from an estate agent, they should be able to provide you with this information.
A good rule of thumb is to ask your estate agent to see the Leasehold Title and then they can point out where to find the information in the paperwork.
Your conveyancer or solicitor will also check this information, but unless you have a no sale, no fee solicitor, you may want to get this information before going to the expense of proceeding with the sale via your solicitor.
Another option is to download the Office Copy Entry of the Leasehold Title from the Land Registry at this link: http://www.landregistry.gov.uk/ It will cost £7.00 but it will spell out in black and white how old the lease is.
Where you will find the lease information on the Leasehold Title
When you read the document you are looking for wording that will appear something like this:
-(29.10.2010) Short particulars of the lease(s) (or under-lease(s))
-under which the land is held:
– Date: 9 July 2010
-Term: 99 years from 9 July 2010
So you need to do a bit of math to figure out exactly how long is left on the lease from the date you accessed the leasehold title. The Leasehold title will also tell you how much the ground rent will cost you.