We're looking to apply for my husband's visa extension soon and, it's required that we show lease contract of the property. Can the contract be in wife's name? Will this be accepted?

I'd really appreciate if anyone can help give an answer. Thank you!

I don't believe anyone can give an answer as it should not be a requirement in the first place. Just as the money having to be in husbands name only makes no sense in a marriage but is often required. You will likely have to ask the person making this request what they will accept.