When you are looking at purchasing a flat or maisonette the circumstances around them can mean that a lease is usually involved. The main reason for this is that whilst you will be using a part of the building the whole building itself still needs to be owned and cared for. For example, you do not own the stairway or lifts nor do you own the communal garden space at the front or back. Each individual apartment or a flat has its own leasehold agreement for that particular part of the large property. The same is true of a Maisonette which is property split into two separate dwellings yet one outward shell.
The length of the lease can vary per each apartment. It rather depends on what the individual circumstances were according to each one. If you wish to purchase flat many mortgage lenders are clear about what length the lease needs to be. A lease is the amount of time a property can be owned before it comes up as an option for others. As a long-term option, it is preferable to a simple rental agreement and is used if the property can be purchased.
A lease can be extended if all parties agree to it. Most work on a ninety-nine-year basis as this is usually sufficient to cover people’s life times. However, there may come a time when a lease needs to be extended so that the tenant can continue to live there. Extensions are very common but there is a Lease Extension Cost. Lease Extension Cost can be dealt with by the company in the link.
