Editor's note: This brief was summarised by The Property AI Team from a report by Property118. Read the original article for full details.
A new online tool has been launched to assist leaseholders in checking their lease length and estimating the costs of extending their lease. The Leasehold Advisory Service has introduced a free lease extension calculator that provides personalised information about the remaining term of a lease.
The calculator is designed to give leaseholders accessible information regarding their lease status and potential extension costs. This development comes as leaseholders are set to gain stronger rights under the Leasehold and Commonhold Reform Bill.
For letting agents and inventory clerks, the availability of this calculator may help clients better understand their lease terms and plan for potential lease extensions. The tool aims to support leaseholders in making informed decisions about their property arrangements.
Source: Property118