The Leasehold Advisory Service (LEASE) has launched a free online tool to help leaseholders in England and Wales find out how much time is left on their lease, work out the cost of extending it and get guidance on available options.

The new lease extension calculator brings together LEASE’s existing lease length checker and lease extension calculator into a single service.

The launch comes alongside new analysis by LEASE, which estimates that almost 1 in 12 (8%) of residential leases have between 80 and 90 years remaining, along with regional differences. Of the leases identified with between 80 and 90 years remaining, most were in London (41%), the South East (16%) and Eastern regions (11%).

Reforms

The government has set out reforms intended to make it easier and cheaper for leaseholders to extend their lease or buy their freehold, including measures in the Leasehold and Freehold Reform Act 2024 – although these aren’t likely to be introduced until after this Parliament. In the meantime, as leases approach 80 years remaining, leaseholders often begin to consider extending their lease, as waiting longer can affect the cost of an extension under the current system.

Chief executive of LEASE, Kion Ahadi, says: “Many leaseholders are unaware of the importance of their lease length until they come to sell, remortgage or consider extending their lease. Checking your lease early can help you understand your options and avoid making decisions under unnecessary time pressure.”

Users need to provide their email address, address of the property, an estimate value of the property after a lease extension (by checking what similar properties in the area have sold for recently or using an estate agent’s valuation), and the annual ground rent.

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