Lease renewals and extensions
If you own a leasehold property or are a freeholder you must instruct an experienced residential property law solicitor to handle any leasehold extension matters.
Our team can represent both freeholders and leaseholders throughout Central and Greater London on lease extensions. Regardless of the complexity of your lease extension, our team have the expertise and connections to take care of the matter for you.
If you own a leasehold property or are a freeholder you must instruct an experienced residential property law solicitor to handle any leasehold extension matters. Our team can represent both freeholders and leaseholders throughout Central and Greater London on lease extensions. Regardless of the complexity of your lease extension, our team have the expertise and connections to take care of the matter for you.
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What sets us apart from other law firms is our expertise. As a team, there is no property matter we have not seen before and we can deal with all types of transactions, regardless of complexity. We are used to dealing with high-profile law firms instructed by other parties and have the knowledge, technology, and sheer creative talent to hold our own in terms of protecting our clients’ best interests and achieving results.
When it comes to lease extensions, we will proactively alert you to any potential problems and then meticulously work through the steps required to find solutions. You can trust that we have the legal knowledge and talent to get the results you want, regardless of any obstacles in the way.
Lease extension FAQs
You need to extend your lease before it runs down to under 80 years. This is because if you renew your lease when it has less than 80 years to run you will need to pay the ‘marriage value’ of the property to the freeholder. The marriage value is the difference in a leasehold property’s value before the 80-year lease is extended and after.
Another reason it is important to extend your lease before it drops below 80 years is that the value of your property will fall, making it difficult to sell or remortgage.
The Leasehold Reform, Housing and Urban Development Act 1993 (LRHUDA 1993) provides leaseholders with the right to extend their lease. Leases on flats can automatically be extended for 90 years, houses enjoy a 50-year extension right.
Generally, to qualify for the right to extend your lease under the LRHUDA 1993, you must have owned your property for two or more years and when you bought the property, the lease must have been for more than 21 years.
- One – Appoint a specialist leasehold extension solicitor.
- Two – Inform the freeholder that you wish to extend your lease. If you cannot trace your freeholder, our team can find them for you.
- Three – Appoint a valuation surveyor who is experienced in leasehold extension valuations. If you appoint one of our experienced solicitors we can refer you to a surveyor we know and trust.
- Four – Your solicitor will serve notice on the freeholder which includes an offer of what you are prepared to pay to extend your lease based on the valuation.
- Five – Pay a deposit if required by the freeholder. This will either be £250, or 10% of the lease cost in the tenants’ notice if that exceeds £250.
- Six – Negotiate the price of the lease extension. Your solicitor will advise you on this process.
Depending on the complexity of your case, lease extensions generally take between three to 12 months to complete.
If the leaseholder qualifies under LRHUDA 1993 they have a statutory right to extend their lease and you will not be permitted to refuse the request. You can, however, dispute the premium offered in the leaseholder’s notice.
By instructing us to manage your leasehold extension you can be confident that the matter will proceed quickly and cost-effectively. We are dedicated to providing exceptional customer service and will respond to calls and emails as quickly as possible.
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