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Leasehold Extensions

We have assisted hundreds of people in the last few years to extend their lease and can assist you on a fixed fee basis.

Why Should I Extend My Lease?

Extending your lease is more than a financial decision—it’s about protecting your investment, ensuring peace of mind, and increasing your property’s desirability. Here’s why:

  • Preserve and Increase Your Property’s Value:
    A lease is a diminishing asset. As the lease term reduces, so does your property’s value. Extending your lease reverses this trend, ensuring that your investment grows with the market.
  • Make Your Property Easier to Sell:
    Short leases can deter potential buyers, as they often lack the confidence to invest in a property with uncertain tenure. By extending your lease, you eliminate this barrier.
  • Facilitate Re-mortgaging:
    Many banks and lenders are reluctant to approve mortgages on properties with a lease of fewer than 80 years. A longer lease makes re-mortgaging or financing significantly easier.
  • Avoid Increasing Costs:
    If your lease falls below 80 years, the cost of extending rises due to a factor called “marriage value.” Acting now could save thousands in future expenses.
  • Future-proof Your Property:
    A long lease not only benefits you now but also secures your property for the next generation or for long-term planning.

When Should I Extend My Lease?

The timing of a lease extension can make a significant difference. Here’s what you need to know:

  • Act Before the 80-Year Mark: If your lease has less than 80 years left, the costs of extending can increase dramatically. Avoid additional fees and complexities by acting early.
  • Don’t Delay: Leases with less than 85 years remaining start to attract concerns from potential buyers and lenders. Extending sooner means smoother transactions.
  • Plan Ahead: Extending your lease can take time, especially if you follow the formal statutory route. Begin the process early to avoid unnecessary stress or rushed decisions.

Time is of the essence. Each year you wait, the cost of extending your lease may increase. Let us help you take action today.

How Can I Extend My Lease?

Lease extensions can be approached in two main ways. Each has its advantages and drawbacks:

1. By Agreement with Your Landlord (Informal Route)

This involves directly negotiating with your landlord to agree on an extension. While quicker and less formal, it comes with potential risks:

  • The landlord retains control over terms, potentially increasing ground rent or attaching unfavourable conditions.
  • The lack of statutory protections means the agreement may not always be in your best interests.
  • Future buyers may still view the terms as less desirable compared to statutory protections.

If your priority is speed and simplicity, this option might work. However, it requires caution and skilled negotiation.

2. Using the Statutory Regime (Formal Route)

This is the most secure and structured method, relying on your rights under the Leasehold Reform, Housing, and Urban Development Act 1993:

  • Serves a legal notice to the landlord, triggering the statutory process.
  • Both landlord and tenant appoint surveyors to independently value the lease extension.
  • Solicitors formalise the agreement, ensuring your rights are fully protected and the lease is registered with HM Land Registry.
  • The process eliminates ground rent obligations and provides long-term security.

While this method may take longer, it offers unparalleled protections and ensures you’re receiving fair terms. It’s the recommended route for most leaseholders.

Our Role as Your Solicitor

We are your advocate and guide through the lease extension process. Here’s how we ensure your success:

  • Expert Knowledge: We provide clear advice on the complexities of leasehold law, ensuring you understand your rights and options.
  • Negotiation Support: Whether dealing with informal agreements or statutory processes, we safeguard your interests and ensure favourable outcomes.
  • Legal Precision: Lease extensions involve detailed legal documentation. We ensure these are watertight, protecting you now and in the future.
  • Registration and Formalities: We handle all necessary registrations with HM Land Registry, giving you complete peace of mind.

How We Can Help

Our team specialises in residential lease extensions, offering a comprehensive service that includes:

  • Initial consultations to understand your needs and provide tailored advice.
  • Transparent, fixed fees for peace of mind.
  • Expert negotiation and representation to secure the best terms.
  • Complete management of the legal and registration processes.

Contact us for a no obligation chat to discuss your particular needs.

Are you looking for someone to help?

Let us help you! Call Now : +44(0)203 861 2001

info@tls-solicitors.co.uk
·  Mon – Fri 09:00-17:00

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