Was wondering if anyone can give some guidance on this?
We have a flat which has one property above us and between us we own the freehold on the whole property - we pay 2/5 of any costs.
We are looking to sell now and can see there is also a lease on the land which has about 71 years to run and not sure if we actually need to, or should consider extending this?
From a bit of research it seems that when the lease expires yu stay on but the ownership passes to the freeholder?
This may be more aimed at places where a company owns lease and freehold so not sure what aplpies to us as we are the freeholders so would it be just run the lease down to 0 and property passes to us (or whoever is living here then) as the freehold owners?
Thanks for any help, very confusing!!