If you own a property with less than 80 years left on the lease, it may be worth considering extending it. Extending your lease sooner rather than later can be vital to help you retain the value of your property and sell it in the future. You have a legal right to extend your lease under the 1993 Leasehold Reform Act if you qualify. It can be a complicated process, but with specialist legal advice, you can make sure that you get the best deal possible for your property.
Free initial advice
A specialist lease extension solicitor can give you free initial advice over the phone on how to go about extending your lease, how long it can take, how much extending your lease might cost, and your options and potential next steps. This can help you decide whether a lease extension is the right move for you and if it is.
If you need a lease extension, a solicitor can handle the whole process on your behalf, from serving notices to your landlord, negotiating with them on your behalf, and completing the formal legal documentation. This can reduce the risk of disputes or unnecessary delays.
The statutory process of extending your lease is complex and requires a lot of attention to detail. In addition, it is important to ensure that your application sticks to the strict timetable and deadlines outlined by law.
This is why it is so important to instruct a specialist lease extension solicitors fixed fee as soon as possible. They can help you gather the necessary information, find a specialist surveyor to value your property, and make sure that all of the correct legal documents are prepared for the formal lease extension process.
Your solicitor can then serve the appropriate section 42 notice on your landlord to start the statutory lease extension process. They will also deal with all of the legal paperwork and ensure that you stick to the statutory timetable and deadlines, which can save you a lot of hassle and money in the long run.
Our lease extension solicitors fixed fee can then liaise with your freeholder’s solicitor to negotiate on your behalf, if necessary. This can be particularly useful if the freeholder does not cooperate, perhaps by refusing to grant a lease extension or haggling over the price of your premium.
Alternatively, they can work alongside your freeholder’s solicitors and specialist leasehold surveyors to complete the conveyancing on your behalf, including negotiating with your freeholder’s mortgage lender. Then, they will finalise the legal documentation, prepare your new lease and register it with the Land Registry.
Our leasehold solicitors will also offer you a free quote to work out how much your premium is likely to be, based on the valuation they have completed and your remaining lease term. This will help you budget for your own costs and those of your freeholders.
How long the process can take
A lease extension is a legal procedure that lets you extend the term of your lease by several years. It can be a great option if you’re in the process of moving home, or if you want to stay in your current property for a long time.
Generally, the length of time it takes to get a lease extended depends on a few factors. However, it is typically completed within three to twelve months.
It can be a complex and complicated process, so it’s important to instruct the services of experienced lease extension solicitors fixed fee and valuers who are efficient and prompt in their response. This will ensure the process runs smoothly and you receive your new lease in a timely manner.
To start the statutory process, you need to serve your freeholder with a Section 42 notice stating your intention to extend. This gives your freeholder a period of two months to respond, during which you can negotiate with them on the terms of the extension. If you can’t agree on an agreement, you have the option of referring the matter to the Leasehold Valuation Tribunal (LVT).
You should also aim to extend your lease before it reaches the 80-year mark. This will reduce the costs and fees associated with the process, as well as increase your chances of avoiding marriage value charges in the future.
The statutory process is designed to protect the interests of leaseholders and prevent a landlord from taking action against them. This means that a freeholder cannot refuse a statutory lease extension, or charge unreasonable fees for it.
If you decide to pursue the statutory process, you must follow strict timelines in order to complete it as quickly as possible. For example, you must provide your freeholder with a Section 42 notice as soon as you have notified them of your intention to extend the lease.
Following this, you have to allow the freeholder time to respond and if you don’t agree to their terms they must serve a counter notice (Section 45). This can take up to two months to negotiate with them, and if you can’t reach an agreement you can refer the matter to the LVT.
How much extending your lease might cost
The cost of extending your lease will depend on a number of factors, including how many years are left on the current lease and the property’s value. The lease extension premium (the amount you pay your freeholder to extend your lease) will usually be the biggest part of the process, but there are also other fees to be paid.
If you have a short lease, the costs of extending your lease will increase. This is because the property will be more difficult to sell, and you’ll find it harder to secure a mortgage or remortgage on your property.
You can help minimise the cost of extending your lease by ensuring that you don’t get a leasehold property with a short lease. You can check the current market value of your property using an online calculator, and a specialist lease extension solicitors fixed fee will be able to advise you as to whether it is worth extending your lease.
A specialist lease extension solicitor will have a wealth of experience in navigating this area. They will know which rules apply to your situation and will be able to advise you on how much to offer your freeholder and how best to negotiate.
They will also be able to help you serve your landlord with a section 42 tenant’s notice and deal with the legal paperwork involved in extending your lease. In many cases, the whole process can be handled under one roof by a company that specialises in all aspects of this type of work.
For more information, call and speak to a specialist lease extension solicitor today. They’ll be able to guide you through the process and give you an idea of how long it will take.
Your options and potential next steps
If you own a residential leasehold property and are thinking about extending your lease, call and speak to a specialist lease extension lawyer today. They can give you free initial advice over the phone about how to go about extending your lease, how long the process might take, how much extending your lease might cost, and your options and potential next steps.
The law is clear on the rights of leasehold tenants to extend their leases. Qualifying leaseholders have a statutory right to apply for a lease extension of 90 years in a way that is fair and equitable. This is a very valuable legal option that should not be ignored, particularly in light of the government’s plans to reform the leasehold system.
You can approach your freeholder informally or more formally by serving a Section 42 Notice on them. This will set a timeline in motion that ensures the matter is dealt with within a certain time frame.
This is an important step to take, as it sets the ball in motion that ensures that you and your solicitor can get everything sorted before you sell or re-mortgage your property. In addition, it allows your solicitor to negotiate the best terms and prices possible for you.
Once you and your landlord have agreed on the price and terms of your lease extension, your solicitor will then organise the completion and registration at the Land Registry. It is likely that this will take up to four months.
There are other factors that can affect how quickly a lease extension is completed, including the speed of your freeholder’s response and whether they require any notices or a tribunal hearing. However, most of these issues are fairly straightforward to resolve and should not delay the process significantly.
It is also a good idea to start a lease extension process as soon as you can so that the value of your property will not be reduced too much in the short term. This can help you sell your property at a better price in the long run, as buyers are often nervous about taking on leasehold properties with less than 80 years left to run.
