If you buy a leasehold property, you may be able to extend the period you own it for. Extending a lease is a good idea if you want to live in your home for longer or raise the property value so you can sell it at a later date. You have the right to extend the lease term if you have lived in your home for 2 years or more. It’s best to extend it sooner rather than later as the costs you incur for extending the lease will be less.