Most high street banks and building societies will refuse to lend against a lease with less than 65-70 years left to run. A purchaser will find it difficult to get a mortgage and this will make your property difficult to sell, which may adversely effect its value.
The solution is: take steps to address this problem by extending your lease.
Put simply, a lease is a wasting asset. As a ‘time-limited’ interest in land it gets shorter every day. This becomes very relevant if your lease is close to 80 years in length, as once it is shorter than this the cost of extending it will start to increase dramatically.
If you own a long leasehold residential flat and want to take action to protect the value of your asset, you should seriously consider a lease extension.