This article by Jaime Burgess at Streathers Solicitors LLP answers the question “ I have 64 years left on the lease of my flat and have recently been advised to have a lease extension. Why do I need to do this and what impact does it have on my property and its value? Also, is it an expensive process?”. He explains the impact of not extending the lease before it dips below 80 years and the “marriage value”. He highlights that Stamp Duty Land Tax (SLDT) would be payable on a lease extension premium if it is for a second property and over £40,000.
You can read more here.