I have 56 years on my lease and ground rents of £10 a year. Should I extend now, or wait until the Law Commission announces its proposed reforms in 2020 and then make a decision?
Well, you don’t have long to wait, as the Law Commission is going to announce its enfranchisement proposals in early 2020. The question then is, what is going to happen to them? Reform will certainly require primary legislation and the multi-billion pound lease extension business is going to push back hard against reforms that mop up its gravy train.
The main consideration here is that your flat is haemorrhaging in value with every passing year. Our advice is to extend the lease now, but statutory process only.