Are you a leasehold property owner? Are you interested in lease extension?
Kings Speech November 2023 Lease Extension Update – the speech contained an indication of the government’s plan to introduce legislation in this Parliament to achieve the following:
Remove the requirement for a leaseholder to have owned property for 2 years for applying to extend the lease
Increasing the extension of the lease using the statutory route from 90 years to a total of 990 years
No mention was made of the governments previous commitment to abolish “marriage value” – click here for more information about marriage value
If you are a UK leasehold flat or house owner, did you realise there is legislation which gives you the right to increase the value of your property?
The value of your flat is likely to be significantly increased by a properly negotiated lease extension. However, any leasehold extension involves a complex area of law and it’s critical to have solicitors who really understand what they’re doing. With 25 years experience in this area, you can rely on our team for the right specialist advice.
This website deals with all the issues related to lease extension – including issues around eligibility, the benefits of doing so and how our expert lease extension solicitors can help you.
So, if you are considering finding out how to extend your lease on your leasehold property, contact us first.
Got a lease extension question? Call our specialist solicitors on FREEPHONE 0800 1404544 for FREE initial phone advice – with no strings attached.
Lease Extension- What’s in it for me?
- Your lease is gradually losing value. The shorter any remaining lease term becomes, the less it is worth – and as a result any extension of your lease gets more expensive.
- A short lease is usually more difficult to sell. Many purchasers are simply reluctant to purchase any lease with less than 90/95 years left.
- Mortgages are much harder to obtain on shorter leases. Some lenders simply refuse a mortgage on leases with under 60-70 years remaining.
- Many tenants have the right to extend their lease by an additional 90 years under the 1993 Leasehold Reform Act.
- A leasehold property extension is something you really need to think about if your lease has between 70 and 90 years remaining. In particular once the remaining lease term slips under 80 years, the cost of any extension increases significantly.
What’s the bottom line?
Putting off that expense now simply increases the price you will eventually have to pay to extend your lease.
That’s why we strongly recommend that you think twice before delaying your lease extension.
So call us now for free initial phone advice on FREEPHONE 0800 1404544.
Why use us for your UK Lease Extension?
- Here at solicitors, Bonallack and Bishop, we understand all about lease extensions. With over 25 years experience in representing many freeholders and thousands of leaseholders in this specialist area of law, our dedicated 5 strongly Leasehold Team deal with around 500 individual enfranchisement and lease extension cases every year.
- We are the only specialist Solicitors recommended by The HomeOwners Alliance for lease extensions. The HOA is the UK’s leading organisation campaigning for and supporting UK’s homeowners
- We are one of just three law firms nationwide recommended by Progressive Property, who are the UK’s largest property investment education company.
- Our team provides FREE initial telephone advice on FREEPHONE 0800 1404544
- We can provide you with a FREE ESTIMATE of how much your lease extension is likely to cost you – which will include a very rough estimate of the likely price of your premium, as well as the legal and valuation costs.
- Our solicitors can assist you either without the need for a face to face meeting by taking instructions by e-mail, phone or video call
- We can handle the process from beginning to end – working alongside specialist surveyors from the initial valuation, all the way, if required, to representing you at the First-Tier Property Tribunal
- We work with specialist surveyors every day – so, as part of our service, we can also put you in touch with a surveyor who really understands how to value the premium you will need to pay
- And don’t just take our word for it……………….
Click here for real case studies on how our lease extension solicitors have helped clients with extending leases, or
Click here to read what our clients say about us
But you might be wondering:
Can’t I just instruct my usual solicitor?
Now the real secret to a successful lease extension is appointing the right specialist solicitor – and there aren’t many genuine experts.
So you could instruct your usual solicitor, but we would suggest asking him or her a very simple question – “how many lease extensions did you complete last year?”
To provide a comparison, our specialist team took on around 500 individual lease extensions every year, and over the last 25 years have helped around 10,000 people like you to successfully extend their lease or buy the freehold of their block.
Extending my lease – what should I do first?
When considering a leasehold property extension, the first thing you need to do is appoint a specialist solicitor to help you with the legal aspects, which can be complicated. Then you will need to appoint a chartered surveyor who specialises in this field for a valuation.
Make sure you pick a surveyor who specialises in leasehold extensions.
And we have the answer.
Your Lease Extension One-Stop Shop
Our team regularly work closely with specialist surveyors throughout the country – we can help you pick the right one and instruct them on your behalf to prepare a valuation of the premium you’re going to need to pay to extend the lease on your flat – just give us a ring on FREEPHONE 0800 1404544.
How else we can help you
In addition to helping you to extend your lease, our solicitors are also highly experienced in dealing with the following two related issues:
- Freehold Enfranchisement – leaseholders have the right to come together and buy the freehold to their block of flats.
- Right to Manage Companies – you may be entitled to force your landlord to transfer to you and some, or all, of your fellow leaseholders the right to manage your own block. With a history of bad block management, this can sometimes save considerable amounts of money
For Specialist Lease Extension Advice you can rely on – contact us today
Our expert Solicitors can advise you wherever you live in the UK 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, OR
- Complete the email contact form below