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If your residential lease is coming towards the end of its term then you should be taking action to prevent it becoming valueless.
Our experienced Property team can help you negotiate a new lease with the freeholder or, provided that you meet the qualifying criteria, they can prepare you for legal proceedings commenced to ensure that a new long lease is granted. It is strongly advisable to start any procedure well before your remaining lease term reduces below 80 years.
Below you will find more information on lease extensions; however we would recommend getting one of our experts on board from an early stage for a free initial no obligation discussion to ensure you get the outcome you need, at the cost that’s right for you. Please visit our Payment Options page for more details on costs.
Leases with less than 60 years to run face the additional problem that they become increasingly difficult to market as many Lenders will not grant a mortgage.
Fixing the price of the lease extension is complicated but there is a very simple calculator which can be found at www.lease-advice.org.uk/calculator. However, this cannot be used for all leases and it is advisable to take professional advice.
The premium paid to the Landlord is not likely to be the only cost involved. You are likely to have to contribute to the Landlord’s legal costs and pay legal costs of your own, any Valuer will charge a fee and if you have a Lender, they may charge for altering your mortgage to take account of the changes.
Nevertheless, the advantages of proceeding with a lease extension far outweigh the costs involved and doing nothing is likely to be the most costly option. As your lease gets shorter, the cost of extending it will increase.
Legal fees will depend on the amount of work involved with your case. If you have already agreed terms with your Landlord you may only need assistance with a Deed of Variation/Deed of Surrender and Re-grant. Alternatively, you may require a completely new lease. If it is not possible to agree terms with your Landlords, you will need a solicitor to deal with negotiations, obtain an expert valuation on your behalf, serve notice on your Landlord and if necessary, bring the claim before the Leasehold Valuation Tribunal.
As an alternative to lease extension, Enfranchisement (buying the freehold) can also be considered.
Whichever situation applies to you, we are happy to take your initial instructions, advise you on the options available and give you a no-obligation fee estimate. Our estimate will include details of any likely expenses such as Land Registry fees, your Lender’s administration fees (if you have a mortgage) or surveyor’s fees (if a valuation is necessary).
We are listed as members of the Association of Leasehold Enfranchisement Practitioners (ALEP).