Our price for a lease extension is from £1,150 plus VAT plus Disbursements. In the first place please contact me using our online enquiry form or call on 0208 789 2556 or 07851306136.
We can act for you in the extension of the lease on your residential property. We have many years experience in this area of law having acted for many people extending their leases. We will advise you of the extension procedure, the available options and associated costs. We will prepare the required notices and act on your behalf throughout the process until your lease is extended and registered at Land Registry.
You can extend your lease by simple agreement with the Freeholder as to the new terms such as length of lease and ground rent. You can also extend the lease under an Act of Parliament by an additional 90 years and at the same time reduce the ground rent to a peppercorn or nothing. This procedure has a strict time schedule and you and the Freeholder must adhere to the timescales or penalties will apply.
You as tenant are responsible for not only your own fees but also the Landlord’s legal and valuation fees. We always recommend instructing a surveyor to prepare a valuation that will be accepted by any tribunal in case of dispute. We can recommend surveyors or valuers if required.
The cost of the new lease is based on the unexpired term of the lease plus the associated ground rent. If the lease is below 80 years the increase in capital value of the property is also shared between the landlord and owner equally. The wise rule is to extend the lease before it falls below 80 years.
Occasionally the Landlord may not be found and an application to the court and tribunal is required. These scenario may become complex and expensive due to the effort to prove sufficient effort has been made to find him. Fortunately they are in the minority.
We can provide an estimate of costs and timescales in most cases. We have previously negotiated reductions in the premium payable and have many satisfied clients. It would be a pleasure to act on your behalf in any lease extension.
Our fee for a lease extension is from £1,150 plus VAT & Disbursements.
In the first place please contact me using our online enquiry form or call on 0208 789 2556 or 07851306136.