Voluntary Lease Extension – beware the risk

Is a Voluntary Lease Extension – Outside the Act – the Right Way Forward for Me?

It may initially appear cheaper and quicker to negotiate an ‘arm’s length’, voluntary and informal leasehold extension with your landlord outside the “Act” (the  Leasehold Reform Housing and Urban Development Act 1993″) – whilst this may seem, on first glance, easier and cheaper, there are very real potential drawbacks and risks.

Do you have a question about an informal lease extension? Call our expert team on FREEPHONE 0800 1404544 for FREE initial phone advice – with no strings attached.

As a leaseholder, in the end have to make a practical choice on whether to rely on an informal voluntary lease extension or to choose the formal (statutory) route – and one of the factors you will consider is inevitably overall legal costs – but before you make any final decision, you should always consider the following:

1. The timescale for extending your lease

Freeholders can withdraw on any voluntary or informal leasehold extension at any time, leaving leaseholders with no other option than to re-commence the whole lease extension process on a formal basis using the Act (provided, of course, that they qualify for the right to do so).

Timescales can slip and therefore you cannot force the pace when trying to extend your lease on a voluntary basis – negotiating informally means that you are entirely at the whim of your landlord as to how swiftly the leasehold extension can be wrapped up.

And whilst some freeholders are decent and ethical, sadly, some simply are not.

2. Valuation Date

If a lease’s residual term drops below 80 years, real valuation issues arise. Issuing a formal statutory notice to your landlord of your wish to extend your lease fixes the valuation date at the date the notice was served.

If there is no formal statutory notice served on your landlord, there is no “fixing” and the landlord will be entitled to request a greater premium if the lease falls below 80 years during voluntary negotiations [this is because, when leases drop below 80 years, the landlord is entitled to an additional payment – known as the “marriage value”]. Click here to read more about marriage value

In cases where a lease is approaching the magic 80 year cut off date, it’s unfortunately far from uncommon for landlords to agree to a voluntary leasehold extension only to drag their heels until the lease drops below 80 years – only then to turn their back on any agreed informal price and to then demand the additional “marriage value”premium.

3. The terms of your lease extension

When negotiating any voluntary leasehold extension outside the Act, there are no real limits on what can be include in the terms of the lease. As a result, negotiating any informal lease extension can be tricky – and can even lead to the abandonment of the whole leasehold extension.

When issuing a formal application under the Act, when a statutory notice has the served, negotiations are often quicker and less complex – as the freeholder knows exactly what he has to agree to.

Whilst amending or updating the terms of your lease can be useful if you’re a leaseholder, make sure you have specialist legal advice. When it comes to informal valuations, too many people do without a solicitor – relying on their freeholder to play fair.

Unfortunately, in the absence of expert legal advice, you’re entirely at the mercy of your freeholder when it comes to amending your lease. What may look like entirely innocent “modernising” clauses could cost you dear in the future.

One trick played by many freeholders is to update the ground rent review clause in the lease – in exchange for an apparent concession perhaps with a lower premium or a longer lease extension. But that ground rent review update could be catastrophic – with the freeholder building in significant increases in ground rent which build up over the years, either making your lease very expensive to run or alternatively, making your property effectively impossible to sell.

Don’t ever agree to any change in your lease without making entirely sure you understand what it means for you now and in the future – and the best way of doing so is to get a specialist solicitor on your side.

4. The costs of extending your lease on a voluntary basis

Increased legal costs can result from lengthy and complicated negotiations. If a leaseholder has to recommence with a statutory notice, legal costs for work completed in the unsuccessful voluntary process must be paid as well as the dues for an postponement using the Act. Landlords can be left with unrecoverable legal bills if their solicitor has not acquired undertakings from leaseholders’ solicitors to pay costs.

The size of the premium that the freeholder ends up with with may also increase if the leaseholder is tempted to do without specialist independent valuation advice.

What’s more, future lease extension or freehold purchase will be more expensive if ground rents have been maintained or increased. Why? Because the amount of ground rent payable is one of the factors taken into account when coming up with the lease extension premium. So increasing your ground rent also means you’re increasing the cost of any future lease extension.

Leaseholders also have the right to challenge the reasonableness of the landlord’s costs if extending under the Act – something that simply not available with any voluntary lease extension.

The Act does not dictate that the statutory process must take a long time – it merely delivers timescales enforceable in the court or tribunal. Both parties should consider using a notice to protect them if matters do not proceed smoothly, even where the extension is amicable and could otherwise be done outside the Act.

Best to wait for two years ownership before applying for your lease extension?

Leaseholders who have not yet owned their lease for two years should consider the value of waiting and proceeding within the protection of the Act rather than being held to ransom, before rushing into a voluntary extension.

Voluntary Lease Extensions – are there actually any advantages?

Yes, in some circumstances, an informal lease extension may be the best way to go – but that depends entirely on your freeholder – and in particular how reasonable they are and whether they’re willing to cooperate.

If you do get a helpful freeholder, here are the advantages of going down the voluntary route;

  • Speed – you’re not hampered by a statutory timetable – so with swift and cooperative freeholder, the whole thing could be tied up much more quickly
  • You can vary the length of the lease extension – the statutory route gives you just one option – 90 more years on your lease. In contrast an informal lease extension means you can agree an extension for whatever period you like with your landlord. This often comes in most useful when your lease is approaching the crucial 80 year stage, or when you are thinking of selling up and know that the relatively short length of the lease is going to mean problems getting a good price. You can agree any length of extension you like – as little as 10 years is not unusual. but these sort of short lease extensions are far from perfect. Apart from all the dangers listed above, you will also find that you will probably end up paying more proportionately for a short lease than the full 90 years, and bear in mind you’re still going to have to pay potentially legal and surveying costs for you and your freeholder. So while it may resolve a problem, a short lease extension may well prove quite an expensive solution.
  • You can vary the terms of your lease – if cash is short but you need to extend your lease, then some landlords agree to a lower premium in return for an increase in ground rent. But beware. This could rebound on you – as indicated above, an  increasingly higher ground rent in the future could affect the value of your property or even make it virtually impossible to sell on the open market.

THINKING OF AN INFORMAL LEASE EXTENSION OUTSIDE THE ACT? CALL US TODAY

Wherever you live in England and Wales, we can help you extend your lease- whether you decide on the voluntary or statutory route. We can manage the process from start to finish,  keeping in contact with you regularly using email, telephone – or Skype video if you prefer .

Our team have helped thousands of people extend their lease nationwide – we can help you too.

  • Call our experts now FREEPHONE 0800 1404544 for a FREE initial phone consultation and a FREE quote for your lease extension, OR
  • Get in touch using the contact form below.

Comments or questions are welcome.

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Who is exempt from lease extension?

The vast majority of residential leases originally granted for at least 21 years, are eligible for lease extension.Under the Leasehold Reform, Housing and Urban Development Act 1993, lessees have a legal right in extending the lease on their flats for an additional 90 years without ground rent, although they will need to pay the freeholder to take up this right.

The right the right to extend your lease – are you or your property exempt?

However, certain leaseholders however are completely exempt from the right to a lease extension, namely if:

• it is a building with fewer than four flats with a resident landlord

• the flat has been sub-let by the leaseholder on a long lease (21+ years)

• the freeholder is part of a charitable housing trust and the flat is provided by the charity as part of charitable work

• the original lease had less than 21 years remaining

• the property is a National Trust building

• the property is owned by the Crown

• the property is within the boundaries of a cathedral precinct

• they are a short-term tenant

• they have a business lease

• they have been registered as the owner for less than two years

• they own more than two flats in the same building

My property is exempt from the right to lease extension. Can I still agree an informal lease extension with the freeholder?

Although in all other cases it is your legal right to apply for an extended lease, these factors not necessarily make you outright exempt.

So yes, it imay still be possible to attempt to arrange a leasehold extension via an informal negotiation with your landlord.

For advice to trust from specialist Lease Extension Solicitors, call us today

Instruct our team of specialist lease extension solicitors who will guide you through this complex process and help eliminate the worry from what can be a stressful situation for both lessees and freehold

For FREE initial phone advice, with no strings attached,

  • Give one of our team a call now on FREEPHONE 0800 1404544, or
  • Send us an email via the contact form below.

    Comments or questions are welcome.

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Executors – the right to extend a lease

Do executors have the right to apply for a statutory lease extension? Executors – the right to extend a lease. Specialist Solicitors. Logo Of Association of Leasehold Enfranchisement Practitioners

Yes – and this can prove very useful. Provided that they do so within two years of the date of grant of probate, the executors can apply to extend the lease on a residential leasehold flat or house by serving a formal notice of claim.

The only limitation is that the deceased must have qualified for that lease extension themselves – including having owned the property themselves for a period of at least two years.

As a result, an executor can either go ahead with extending the lease themselves, or can put a property on the market with the benefit of the notice of claim, which can then be assigned onto the purchaser – so the new purchaser immediately has the right to a leasehold extension upon completion of the sale without having to wait two years, and the vendors do not have to go through the expense of paying to extend the lease themselves.

What is an informal lease extension?

It’s also worth noting that although to qualify for a statutory or formal lease extension, certain conditions need to have been met by the deceased (and by applying for a statutory lease extension, the freeholder cannot refuse a 90 year lease extension at a reasonable price),  there is always the possibility of a an informal or voluntary lease extension – which can simply be negotiated with the freeholder.

I am an executor – why might I want a lease extension?

That’s simple.

An executor’s duty is of course to collect in and distribute the deceased’s estate. But if the estate includes a flat (or more unusually a leasehold house) with a short lease, then arranging for a lease extension should increase the value of the flat – and thus the value of the estate – not to mention the marketability of the property in question.

And how short is a short lease? Anything below 70 years gets increasingly hard to sell – not least because these days many mortgage companies simply won’t loan against a flat with a lease term that low. And a lot of purchasers aren’t keen on flats with less than 80 years left  to run.

And that 80 year point is important. Why? That’s because the very moment that the  remaining term drops below 80 years, the price of the lease extension goes up. So again if the remaining lease term is approaching 80 years – that’s another good reason to extend the lease , to avoid an increased premium payable to the freeholder t.

Need expert help with your lease extension?

Our team is really specialist – lease extension work is all they do for clients with leasehold property throughout England and Wales. To instruct us, or for FREE initial phone advice,

  • call us now on FREEPHONE 0800 1404544 OR
  • email us using the contact form below.

Comments or questions are welcome.

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10 Things You Need to Know About Leasehold Property

Leasehold and freehold are two very different ways of owning residential property in England and Wales. Most people understand the basic concept behind freehold – but far fewer people really appreciate what owning a leasehold property really means.

1. Leaseholders don’t actually own their property. They just buy the right to live there for whatever time period is stated on the lease, subject to some conditions.Depending on the terms of the lease, they will probably have to get the permission of the freeholder if they want to make certain structural amendments or improvements to their property.

2. Most flats bought and sold in the UK are on a leasehold basis.

3. On rare occasions, houses can also be leasehold, although it is much more common for houses to be freehold instead.

4. The owner of the property is the freeholder, who is ultimately in charge.

5. If the lease expires, the leaseholders might have to leave their homes, or might have to pay rent to the freeholder. There is very little long term security in this situation – just a possibility of retaining an ongoing temporary or periodic lease.

6. There are more than 2 million leasehold properties in England alone, and the number is growing every day. Since the start of the 21st century, far more leasehold flats and apartments have been built than houses.

7. People living in a leasehold property pay an annual or monthly charge to the freeholder towards the upkeep of the building. The freeholder is responsible for arranging maintenance of the block unless the leaseholders have joined together to either buy the freehold of the block or exercised their right to manage

8. Properties with short leases are worth a lot less than properties with a long lease. This is because that if the lease expires, the property returns to the freeholder who can then sell it again.

9. .A shorter lease means that the freeholder is able to charge leaseholders more to extend the lease.

10. The answer, of course, to short lease problems is a lease extension –  and don’t forget, you have the legal right to extend your lease term by an additional 90 years –  whether your freeholder likes it or not.

Thinking of a Lease Extension? Contact us today

Our team are genuine leasehold extensions experts – so for great advice on extending your lease, please contact us today;

  • Call us now on [01722] 422300, or
  • Send us an email using the contact form below.

Comments or questions are welcome.

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Rebranding our lease extension team

2017 sees a change of name for the highly specialist lease extension team here at Bonallack and Bishop.

In future the team will be known as “The Leasehold Property Team”.

Why? That’s simple.

It certainly doesn’t mean that we are any less committed to lease extension work or any less specialist in it.

On the contrary – in the most recent half year took our expert lawyers took on 180 individual lease extensions, for both large freeholders, small freeholders and numerous individual leaseholders. In fact we are looking to increase the number of fl;at and house  leases we extend every year to at least 400. That makes us one of the most specialist leasehold extension teams in England and Wales – out of a total of over 10,000 law firms nationwide.

No, the reason why we are changing the name is that increasingly we do so much more leasehold law work in addition to lease extension. Not only do we complete numerous collective enfranchisement projects (that’s buying the freehold of your block together with some of your follow leaseholders), but our expert team carry out numerous title splits as well as a whole host of other leasehold law work including service charge and ground rent disputes, lease variation, forfeiture and licence for alterations.

And what’s more our leasehold work is growing. The team is already four strong and we are looking to recruit a fifth member of the team this March.

FOR SPECIALIST LEASEHOLD LAW ADVICE – CALL US TODAY

When it comes to all aspects of the  law surrounding leases, our specialists can help you wherever you live in England and Wales. We don’t even need to see you face-to-face – like many of our other clients, we can take this your instructions by e-mail, phone and Skype video:

  • Just call us on FREEPHONE 0800 1404544 for a FREE initial phone consultation  OR
  • Complete the email contact form below

Comments or questions are welcome.

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Lease extension in Newcastle

More than 280,000 people call the city of Newcastle home, and if you own a flat in the city, your lease will need to be extended one day. What’s more, did you know that you have the legal right to force your freeholder to extend the term of your lease – by up to an additional 90 years?

Newcastle is the most populous city in the north-east of England, with a booming cultural centre and enormous regeneration having been carried out in the city since its decline from an industrial heartland in the 1970s. As a result, Newcastle and the surrounding area has a large number of leasehold flats as well as some leasehold houses. And the average price of flats in the city in 2016 was £136,778, according to Right Move.

The problems with short leases

The problem with owning any flat or apartment owned under a long lease [i.e. the lease was originally granted for at least 21 years] is that the term of that lease will gradually decline. The shorter the lease the less the property is worth and the harder it is to sell or mortgage.

If your flat or apartment has 85 years or less to run, we strongly suggest you look at extending your lease as soon as possible..

WHY EXTEND MY LEASE NOW?

Your lease can be extended at any time but delaying your lease extension can cause problems later and could turn out to be a lot more expensive than you planned. So why extend your lease now?

The cost of extend your lease is rising, day by day

In the current economic climate, there are two reasons why putting off your leasehold  extension is only costing you more money. Firstly, as your lease gradually gets shorter, it’s getting gradually more expensive, day by day, to extend it. Worse still, with house prices currently rising, that means the value of your property is rising – and one of the factors in assessing the premium for your lease extension is the value of your property. So, the more your flat is worth, the more you have to pay to extend your lease.

In fact, specialist lease extension surveyors in London recently estimated that the cost of extending a lease, in London at least, is going up by whacking 12% each and every year – if that continues, that means that the cost any flat owner will have to have to pay to extend their lease could double in under seven years!

Extending your lease takes time

Whilst coming to an informal lease extension agreement with your freeholder can sometimes be sorted out relatively quickly – you have no control over the process, and there are some real risks with this voluntary route get a lease extension. The alternative, and the only way to make sure you have control and can ensure you gain that lease extension, is through the formal, or statutory, route. The problem with this. Formal route is that there are certain inbuilt notice periods and as result, it usually takes around six months for your lease extension to be completed. If you’re not thinking of selling up, then it’s not so much of a problem. But if you do come to sell, and have found the new home of your dreams, and then find that you can’t extend your lease in under six months, the whole chain could collapse.

Extending your lease makes your flat easier to sell

Flats with long lease terms are much easier to sell – purchasers prefer them – and they attract higher prices.

What’s more, mortgage lenders seem to be increasingly reluctant to lend on any property with a short lease –although 20 years ago it was possible to get a mortgage on a flat with say 50 years left, many lenders now refuse to lend, if the term is below 70 or even 80 years. So even if your flat was built fairly recently, say in 1970 with a original 99 year lease, any prospective buyer will find it nearly impossible to get a mortgage to fund the purchase.

DO I REALLY NEED A SPECIALIST SOLICITOR FOR MY LEASE EXTENSION?

You might think that it’s really easy to extend your own lease. After all, you only need to ask your freeholder, right? In fact, many freeholders will refuse to cooperate or will drag out negotiations to the point where they hope leaseholders will simply give in. For example, when the remaining term of a lease is approaching the 80 year point, it’s not unusual for unscrupulous freeholders to go slow with the clear aim of letting the lease drop below the 80-year mark – when they can charge you an additional premium to extend your lease – which will cost you thousands of pounds.

Although it involves a complex area of law, extending a lease doesn’t need to be a nightmare if you instruct a specialist solicitor – to help you through what can be tricky legal process which requires patience, experience and expertise.

By appointing one of our team as your solicitor, you can rest assured that your lease extension is being dealt with by a genuine specialist. They don’t dabble – extending leases is all they do.

TO SUM UP – OUR ADVICE

In short, our advice is simple – don’t delay – extend your lease now.

YOUR NEWCASTLE LEASE EXTENSION – HOW WE CAN HELP

With over 25 years experience in many thousands of lease extension extensions for leaseholders and freeholders alike, we have the expertise to make sure your lease extension goes smoothly;

• We offer FREE initial telephone advice – just call us on FREEPHONE 0800 1404544

• We work with the only Newcastle-based surveyor who really understands how to value your lease – like solicitors, lease extension surveyors need to be specialists. Very few surveyors are able to value the premium required for lease extension accurately. We are happy to instruct him on your behalf to value your lease extension – as part of our one-stop shop service

• We manage your lease extension timetable

• We draft all the legal documents and notices

• If there is a dispute regarding your lease extension, we can take the matter to the Leasehold Valuation Tribunal [ recently re-titled the ”First-tier tribunal – Property Chamber (Residential Property)] – but only if it’s strictly necessary, which thankfully it very rarely is.

1 KEY QUESTION

If you’re still not sure whether you need our specialist team – maybe you have a long-standing Newcastle-based solicitor you really like – just ask them once in question. “How many lease extensions have a completed the last year?”

THINKING OF A LEASE EXTENSION IN NEWCASTLE? CALL OUR SPECIALISTS NOW

Over the last 25 years, our solicitors have been involved in many thousands of lease extensions – for clients throughout England and Wales. For most all of our lease extension work, we deal with clients solely through telephone, email or Skype.

And don’t forget – initial phone advice from experts is FREE – so what have you got to lose?

• Simply, call our team now on FREEPHONE 0800 1404544 or,

• Fill out the email contact form below

Comments or questions are welcome.

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Sheffield Lease Extension Solicitors

Sheffield , once a comparatively run-down former mining area and heavy industrial hub, has boomed in recent years to become a metropolitan hub of culture, industry and total regeneration.

This former steel city has seen its gross value added (GVA) grow by 60% since 1997, adding £9.2 billion into the British economy just ten years later in 2007. Its economy is growing at a rate of 5% a year, which is more than the whole of the Yorkshire and Humber region. It’s easy to see, then, why so many people are flocking to live in Sheffield.

With freehold properties being at a premium due to the successful regeneration, many people are opting to buy a leasehold flat.

If you own the leasehold on a flat, the chances are that you need to renew your lease or will need to do so soon. If you live in Sheffield and are looking to start the lease extension process, our dedicated team of experts would be happy to help.

LEASE EXTENSION – THE IMPORTANCE OF INSTRUCTING AN EXPERT

The importance of instructing a specialist lease extension solicitor to manage the lease extension process is often underestimated. Some of the reasons for instructing an expert are listed below:

• Experts will understand the complicated legal terminology involved in lease extensions and the importance of meeting the strict deadlines involved

• Your landlord is likely to instruct their own specialist solicitor so you owe it to yourself to get one as well

• Our expert solicitors have the negotiating skills you need, and a panel of specialist local surveyors, which you are going to need for a proper valuation of the premium to be paid to your freeholder

• If your landlord attempts to stall negotiations so that the extension costs you more, an expert solicitor will be able to help you apply to  the First-Tier Property Tribunal (previously known as Leasehold Valuation Tribunal).

WHY WE’RE THE RIGHT CHOICE

Finding genuine leasehold extension specialists is very difficult. Many solicitors believe that they have the expertise needed to do lease extension work only realising how difficult it is when it’s too late. Not only are we members of the Association of Leasehold Enfranchisement Practitioners but we are listed as experts in lease extension on the Leasehold Advisory Service website. So for lease extension solicitors you can trust, call our experts.

FOR YOUR LEASE EXTENSION IN SHEFFIELD – GET IN TOUCH WITH US TODAY

When it comes to extending your lease, our expert team can help you wherever your flat is in England and Wales and we don’t even need to see you – taking your instructions by e-mail, phone and Skype video:

  • Just call us on FREEPHONE 0800 1404544 for a FREE initial phone consultation and a FREE quote for your lease extension, OR
  • Complete the email contact form below

Comments or questions are welcome.

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Liverpool Lease Extension Solicitors

After the end of industry and manufacturing in the area in the 1970s and 1980s, Liverpool declined into a city with an extremely high level of unemployment and a very high level of poverty. Extensive regeneration in the 1990s and 2000s, though, has transformed Liverpool into a city of culture and business, with Liverpool even having been declared the official City of Culture.

Employment rates in Liverpool are now very good, and as a result a number of people are able to buy their own properties in the city. Housing supply hasn’t kept up with demand, though, which has pushed prices up and meant that for many people their only option is to purchase a leasehold flat.

Many flat-owners in Liverpool need to extend the leases on their properties – yet many of them don’t even realise that they have the legal right to do so.

Extending the lease on your value of your flat [whether or not you actually live in it, or are a buy to let landlord] makes great financial sense. You almost certain to end up with an significant increase in the value of your flat as a direct result.

But don’t forget – the longer you leave your lease extension, the more expensive extending your lease is going to be.

MAKE SURE YOU APPOINT A  LEASE EXTENSION SPECIALIST

Lease extensions involve complex legislation, tight deadlines and various other complications. Many non-specialists property solicitors will try their hand at a lease extension only to find that they’re out of their depth and cannot represent their client’s needs sufficiently. This is why it is so essential that the solicitor you instruct for your lease extension is a specialist

Our specialist lease extension solicitors have vital experience interacting with landlords who will often try to disrupt lease extension negotiations. A popular trick is to delay proceedings so that the leaseholder’s lease runs below the pivotal 80 year limit so that it costs far more to extend the lease. Experienced lease extension solicitors will not fall for these tricks and if necessary they will be able to apply for a Leasehold Valuation Tribunal to speed up the process. Don’t forget that the landlord is likely to instruct a specialist themselves, so make sure that you are on an equal footing.

YOUR LEASE EXTENSION – WHY CHOOSE US?

Here are just a few reasons:

• We’ll draft all the documents and manage the deadlines

• Our team of 5 lease extension experts have vast experience helping thousands of clients with extending a lease

• We are proven specialists – both the Leasehold Advisory Service and the Association of Leasehold Enfranchisement Practitioners (ALEP) recognise us as experts

CALL TODAY FOR HELP WITH YOUR LIVERPOOL LEASE EXTENSION

Our specialist team manage the lease extension process from start to finish for the majority of our clients without needing to meet face-to-face – keeping in contact via email, telephone or Skype.

  • Just call us now on FREEPHONE 0800 1404544 for a FREE initial phone consultation and a FREE quote for your lease extension, OR
  • Complete the email contact form below

Comments or questions are welcome.

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Portsmouth Lease Extension

The city of Portsmouth is situated on the south coast of England and is popular amongst anyone who wants to live in a coastal area without the need to break the bank. This is, in part, due to its large percentage of flats and leasehold properties.

Portsmouth is almost entirely located on Portsea Island, making it the UK’s only island city. It is also the only city in the UK with a higher population density than London (at 11 times the national average), with more than 205,000 people living in the city, making it the 6th largest urban area in England.

When you add that to the fact that between 2001 and 2011, Portsmouth’s population has increased by 9.8%, you’ll see why the area has a particularly large number of flats – both new builds and conversions.

But if you do own a flat in Portsmouth – have you thought about extending your lease? In fact, are you even aware that you have the legal right to force your freeholder to grant you an additional 90 years to add onto the current remaining term of your lease?

WHY EXTEND MY LEASE?

You’ll find more detailed explanation elsewhere on the site on exactly why a lease extension is so important – but in brief, if you don’t extend your lease you risk the following problems;

  • Trying to sell a flat with a short lease is getting increasingly difficult. Buyers generally prefer leases with longer terms, and more and more mortgage lenders are getting reluctant to grant mortgages on short leases – before the recession it wasn’t unusual to see home loans provided for flats with, say, 50 or 60 years left to run – now most mortgage companies require around 70 to 80 years remaining on a lease
  • At some stage your flat is going to need a leasehold extension – unless you’re happy to simply hand ownership back to the freeholder
  • Everyday you delay extending a lease is likely to cost you more money. Firstly the shorter your lease the more it will cost to extend it, and secondly, with house prices rising, that means that the premium you need to pay to your landlord is going up too – in fact a reputable firm of specialist lease extension surveyors recently estimated that in London, the price of extending the average lease was going up by a staggering 12% each and every year!

SO WHY CHOOSE US TO HELP EXTEND YOUR LEASE?

  •  We are genuine specialists – which is so important and given the complexity of lease extension law
  •  We have the proven experience you need – we’ve completed thousands of lease extensions for satisfied clients over the last 20 years  – Just click here to read testimonials from just some of our satisfied clients
  •  We provide FREE initial advice over the phone
  •  We can handle your lease extension from beginning to the end. Our team will deal with all the paperwork and can identify and appoint on your behalf, if you wish, a specialist leasehold extension valuer – an expert surveyor who you will need to provide a price for your lease extension, and who will help in negotiations of reasonable premium with whoever owns the freehold of your block

YOUR PORTSMOUTH LEASE EXTENSION – GIVE US A RING TODAY

If you live in Portsmouth and you are thinking about extending your lease, just contact us now for FREE specialist advice with no strings attached.

  •  Just call one of our team now on FREEPHONE 0800 1404544 or [01722] 422300 OR
  •  Email us using the contact form below

Comments or questions are welcome.

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Bath Lease Extension Solicitors

Bath is a picturesque city of almost 90,000 people, nestled in the county of Somerset. It’s famous for its Roman baths and Georgian architecture and is a popular place for young families looking to start their lives together.

Given the price of property in Bath [ 2014 saw the overall average price of property in Bath rise to £371,294], it is no surprise that it is home to a particularly large number of leasehold flats – both purpose-built and conversions from older properties.

When any property is owned on a leasehold rather than freehold basis, you effectively own the property for limited period of time – and you don’t own the land it’s built on out right. That means that eventually the lease term will run out and you will know longer own the flat – and in the meantime, year by year, the declining lease term reduces the flats value.

Unless there been a subject of freehold purchase, the vast majority of flats in England and Wales are leasehold.

WHY YOU NEED TO EXTEND YOUR LEASE

Your lease term reduces with each and every year. This decreases the market value of your property as well making it increasingly less attractive to potential buyers.

In particular, once you let the lease term slip below 80 years, extending your lease gets rapidly more expensive [that’s because the “marriage value” becomes payable to your freeholder – click here to learn more about that].

NOW IS THE RIGHT TIME TO EXTEND YOUR LEASE

The lease extension process can be very long and arduous, so don’t leave it until it’s too late. Your lease stops getting shorter if you choose the formal route and serve the required notice on your freeholder, so don’t delay. What’s more, with property prices increasing you are hit by a double whammy – a shorter term means increased expense as does the increasing in the value of your flat.

In fact we have recently come across some surveyors who estimate that every year you delay extending your lease means you have to pay an extra 12% for your lease extension. That means in around just seven years, extending your lease will cost you double!

Remember: the earlier you extend your lease, the cheaper it will be.

YOUR LEASE EXTENSION – WHY CHOOSE US?

Extending a lease without the advice of a specialist solicitor is never a good move, as you can get burned if you don’t know what you’re doing.

Leasehold extensions usually involve keeping to rigid deadlines – missing one of those, can cause significant difficulties.

What’s more, if your freeholder tries to drag out the process even longer, your fees and stress levels will increase and it could become a whole lot messier. It’s for this reason that it’s essential that you get the right legal advice – from a lease extension specialist.

The law surrounding lease extensions is relatively complex and very few solicitors, even specialist property solicitors, deal with more than the occasional lease extension.

Our team are different. They specialise in lease extension for both leaseholders and freeholders throughout England and Wales – that’s all they do, and that’s why you’ll find us listed as lease extension experts on the website of The Leasehold Advisory Service which is backed by the government, and why we are one of a small number of solicitors who are members of the only organisation for specialist lease extension solicitors – ALEP, the Association of Leasehold Enfranchisement Practitioners.

Our team also have years of experience of handling difficult freeholders, and are well aware of all the tricks that certain unscrupulous landlords try to play. If it becomes necessary, our team also have plenty of experience in taking cases to the First-Tier Property Tribunal [previously known as the LVT or Leasehold Valuation Tribunal]

HOW WE CAN HELP YOU EXTEND YOUR LEASE

Our specialist team will:

  • provide you with FREE initial advice – just call FREEPHONE 0800 1404544 now
  • provide a FREE ESTIMATE of how much your lease extension is likely to cost – including not just the legal and valuation costs but we can also give you an estimate of how much the actual lease extension premium will be..
  • as part of our one-stop shop service, we will identify and instruct on your behalf a local specialist lease extension surveyor who will value your lease extension and can help you to negotiate a reasonable premium for the extension.
  • do all of the paperwork – whether or not a formal notice is required, or whether you have agreed a private and informal lease extension with your freeholder.
  • handle any application to the First-Tier Property Tribunal – in the unlikely event that becomes necessary

With one of our specialist team on board to handle the legal side for you,, the whole process should move much more quickly and sleekly, with you being able to rest assured that a professional is handling matters and will ensure that everything is completed as it should be.

YOUR BATH LEASE EXTENSION – WE CAN HELP

If you live in Bath and you’re thinking of extending your lease, or would like some information as to the potential benefits and costs of doing so, give us a call and our specialist team be more than happy to talk through your options with you – FREE of charge with no strings attached.

Although we are based in Salisbury, we represent clients nationwide – in fact we really meet our clients, and regularly handle hundreds of lease extensions every year by phone email and Skype video

  • So just call us on FREEPHONE 0800 1404544 for a FREE initial phone consultation and a FREE quote for your lease extension
    OR
  • Complete the email contact form below

Comments or questions are welcome.

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