The Leasehold Advisory Service (LEASE) has combined its recently launched lease length checker and lease extension calculator into a single, easier-to-use service.
LEASE announced in February it had launched a free online tool that allows leaseholders to check how long is left on their lease by entering their postcode as part of a digital drive by the government-funded advisory body to make it easier for leaseholders to access trusted advice.
The new combined service aims to help leaseholders in England and Wales understand how much time is left on their lease, estimate the cost of extending it, and understand what action they may need to consider.
Analysis by the Open Data Institute (ODI) has found almost one in 12 (8%) of residential leases have between 80 and 90 years remaining. Regionally these were concentrated in London (41%), the South East (16%) and Eastern regions (11%), reflecting the higher levels of need for lease extensions in those areas, said LEASE.
Kion Ahadi, chief executive of the Leasehold Advisory Service, explained: “Our new tool gives leaseholders a simple way to understand where they stand. By bringing together lease length information, estimated extension costs and practical guidance in one place, we’re making it easier for people to make informed decisions about their home.”
“Many leaseholders are unaware of the importance of their lease length until they come to sell, remortgage or consider extending their lease.”
Checking the lease early can help leaseholders understand their options and avoid making decisions under unnecessary time pressure, Ahadi added.
Leasehold reform is part of the government’s home buying and selling reform agenda which included proposals to make it easier and cheaper for leaseholders to extend their lease or buy their freehold in the Leasehold and Freehold Reform Act 2024.
