A new online tool has been launched by the Leasehold Advisory Service to assist leaseholders in checking their lease length and estimating the costs associated with an extension. The free lease extension calculator offers personalised information regarding a leaseholder's remaining lease term.
Kion Ahadi, chief executive of the Leasehold Advisory Service, stated that the tool provides a simple way for leaseholders to understand their position, combining lease length information, estimated extension costs, and practical guidance. He noted that analysis suggests approximately one in 12 residential leases have between 80 and 90 years remaining.
Many leaseholders reportedly remain unaware of the importance of their lease length until they plan to sell, remortgage, or consider extending their lease. Checking a lease early can help individuals understand their options and avoid making decisions under time pressure.
Regional analysis by the Open Data Institute (ODI) indicates that London accounts for 41% of leases identified with 80 to 90 years remaining, followed by the South East at 16% and the East of England at 11%.
This launch coincides with the Leasehold and Commonhold Reform Bill, which aims to grant leaseholders stronger rights, making lease extensions and freehold purchases cheaper and simpler, and streamlining the conversion of leasehold flats to commonhold. Additionally, a proposed cap on ground rents at £250 a year is not expected to take effect until 2028.