[Finance] Advice on extending a Lease

[birthofanorange]

This is the big question. The report on the reforms was published last year and it was meant to be discussed in Parliament but keeps getting deferred in favour of more pressing issues. There is pressure on the government as the reforms are long overdue and they are meant to be treating it as a priority. Even if the legislation is passed though, it could still be subject to legal challenges. It will happen over the next few years for sure, but whether it does before you have to renew is anyone's guess really. It might be worth waiting a year or so just to see what happens. The price may go up a bit in that time but not a huge amount.

Thanks for your (and everyone's) advice - I'll hang fire for a year or two and see how things stand, then.
[MENTION=34864]Live by the sea[/MENTION] - None of the other neighbours are interested in buying the Freehold.

 

[kevo]

Try to push your neighbours into buying the freehold , it will be the cheapest option probably.

Yep, good advice. This is what happened to me and I ended up only paying about half what I would have done - saving about 7k in total.