LEASE EXTENSION

Lease Extension is the increase in the term of length of your Lease. Once there is less than 80 years left of your lease term you will find that most buyers will be advised to ask you arrange for the term to be increased. The 80 year point also marks the point where the price payable to the Landlord for the lease extension increases significantly. Whilst there are exceptions to the general rule, you can extend the term of your lease once you have owned it for a minimum of 2 years. Usually the only question in dispute is the price to be paid. The service we offer includes:


  • Check entitlement to claim


  • Provide an indication of the premium for the lease extension subject to later confirmation by your valuer


  • Recommend a specialist lease extension valuer to prepare an accurate valuation and negotiate an acceptableprice with the Landlord (You can use your own valuer)


  • Prepare a notice of claim (s42 Leasehold Reform Housing and Urban Development Act 1993)


  • Arrange service of the notice of claim on the Landlord and any other relevant party


  • Copy the Landlord’s Counter notice to you and your valuer


  • Upon agreement of terms, recommend a specialist lease extension solicitor or licenced conveyancer to complete the legal formalities and register of your lease extension at the Land Registry (You can use your own lawyer)


  • Keep under review the statutory time limited


  • Keep you informed of developments