The Leasehold Advisory Service (LEASE) has introduced a new free online tool designed to assist leaseholders in England and Wales. The service helps users determine the remaining time on their lease, estimate the cost of extending it, and understand potential actions.
This new tool combines LEASE's existing lease length checker and lease extension calculator into a single, more user-friendly platform. It provides personalised information on lease terms, estimated extension costs, and available options, with results that can be downloaded or emailed.
Alongside the launch, LEASE's analysis of residential lease records in England and Wales indicates that approximately 8% of residential leases have between 80 and 90 years remaining. These leases were most frequently found in London (41%), the South East (16%), and Eastern regions (11%).
Lease length can impact a home's value and make selling or remortgaging more challenging. Kion Ahadi, chief executive of LEASE, stated that the tool offers a simple way for leaseholders to understand their position and make informed decisions.