Reap the benefits of extending a property lease
‘As a property buyer you would always prefer a longer lease over a shorter one’
Wouldn’t you like to improve the value of your flat? One way you could do this is by extending the property lease. It will also make your flat easier to sell and easier to remortgage in the future.
Leases under 85 years make buyers think twice, and many mortgage lenders consider a lease with 70 years or less is too short for them to lend against.
The good news is that most flat owners have the right to extend their leases by 90 years, whether their landlord likes it or not. That means no matter how short it has become, you should be able to obtain a 90 year lease extension.
Taking you through the lease extension process
If you are thinking of selling or buying a flat with a short lease, or your lease is running out, you need to know your options. Legislation and documentation can be daunting. Fortunately, we’ve a wealth of experience in taking clients through the lease extension process and de-mystifying the legal jargon.
Sometimes terms for extending a property lease can’t be agreed and you may decide to take action by bringing or defending a claim in the First Tier Tribunal (Property Chamber). If that’s the case we’ll be frank about your chances of success and be clear about our costs.
How much will it cost?
We need to see a copy of the lease of the flat and some other documents in order to confirm our fee estimate. Please give us a call, or complete the enquiry form and we will give you a guideline estimate.
We make every effort to minimise your costs wherever possible and offer highly competitive rates for our advice. The property disputes team works hand in hand with our equally experienced Residential Property team in the drafting and approving of the new lease, including obtaining the mortgagees’ consent (where necessary) and the registration formalities. Our fees relate to two areas – the lease extension itself and the conveyancing fee to negotiate and complete the new lease.
What we do in the lease extension process
- Check you have the right to extend the lease
- Prepare and serve the appropriate Notice claiming a new extended lease
- Protect your right by lodging the appropriate notice at the Land Registry
- Guide you through what to expect from the landlord in response to your Notice
- Make sure your surveyor has what s/he needs to negotiate with the landlord over the premium and guide you through your options
- Make sure you understand and comply with all the statutory obligations and deadlines
- If you are buying a flat which needs a lease extension we will make sure paperwork the Notice passes to you.
If your circumstances are more complex you may need to apply to the First Tier Tribunal (Property Chamber) or the County Court – we can help guide you through this process making sure you have all the documentation you need in your lease extension process.