The Law Society is advising that the property slump could produce an unexpected windfall for Flat owners. The property value is an important factor in the determination of the cost of extending the Lease or buying the Freehold. If the value is lower it might make sense to consider taking this advantage and extend, for example, an 80 year Lease now and make some benefit.
A longer Leasehold is always more popular for both buyers and lenders, as the lenders are reluctant to lend on a short Lease, for example, a new 25 year loan on a remaining 35 year Lease is unlikely.
Sellers with longer Leaseholds could see more interest from potential buyers who stand a much greater chance of obtaining a loan.