When is the best time to extend my lease?

Unfortunately your lease is a wasting asset as whilst its term reduces so does the value of your flat.

However when the term reaches 70 years or less it is more difficult to obtain a mortgage and it becomes difficult to sell so it can reduce in value. By extending your lease you will prevent the value from decreasing and this is the main reason why leaseholders extend their leases.

Unfortunately the longer you leave it to extend your lease the more expensive it becomes, so timing is very important.

The value of a lease extension is based on a number of things including the current value of your asset, whilst property values are low, this should enable you to obtain a lower price to exend your lease that you would have whilst property values were increasing.