Lease extensions can help your property realise its full potential. Whether you’re the landlord or leaseholder, we can act on your behalf to make extending a lease as smooth and stress free as possible.
Need to negotiate a new lease? Get expert advice about every aspect of the process – get in touch or call 0191 5666 500 for a friendly discussion.
There are many different reasons why a leaseholder may want to sign a longer lease. It could help secure a sale, negotiate a new mortgage or extinguish ground rent payments.
Whatever your motivation behind the move we can guide you through every step and advise whether to pursue a voluntary or statutory lease extension. We will also outline the legal costs you should expect to incur.
There are many different types of leasehold schemes and our conveyancing experts will provide a clear overview of all the options available so you can come to an informed decision.
We will:
- Advise you fully on the terms of the lease
- Outline the management scheme in operation
- Comprehensively investigate the scheme
- Advise you about likely payments required
- Tell you who to contact if any problems arise
As a full-service law firm we fully understand this complex area of the law and how it impacts on the leaseholder and landlord.
If you are a landlord, we can help you negotiate a reasonable price and new lease terms to suit your requirements and those of your tenant.
Why do you need legal assistance for a lease extension?
The landlord and leaseholder are free to negotiate a ‘voluntary lease extension’ amicably between themselves but if difficulties arise and the process slows down, we can help to get it back on track.
If you are a leasehold flat owner who has lived in the property for at least two years extending the lease is your statutory legal right.
If a voluntary lease extension is not an option or the landlord will not offer fair and reasonable terms, we will help you pursue a statutory lease extension and guide you through the process.
Decide how much money you are willing to pay to extend the lease and we will send the landlord a formal notice of the offer. They will then have two months to suggest a counter-offer or accept your terms. You then have a six-month period to agree the terms of the new lease and the premium you will pay for it.
Should you need any guidance our specialist solicitors are on hand to offer advice about what type of lease extension is best for you.
Why should you extend a lease?
Any property with a period of less than 85 years left on its lease is harder to sell and can make re-mortgaging difficult. Securing a lease extension could improve the value of your investment or help secure a sale.
Even if you do not intend to sell in the foreseeable future a lease extension could prove to be a shrewd financial move. Whilst you will incur upfront costs it may be cheaper to change the terms of your lease in the long term as your ground rent payments may be reduced.
Can you do a leasehold extension for houses?
Leasehold house owners can only extend the lease up to a maximum of 90 years on top of the existing term. Rent will also need to be paid to the freeholder for the rest of the lease’s duration.
If you are in this position, we can help to secure a leasehold extension. Some owners would rather buy the freehold instead. This is known as a leasehold enfranchisement and we can negotiate with landlords to secure permanent ownership (‘freehold’) of the land and building.
If the landlord ignores your offer completely or refuses to offer you a reasonable price or reasonable terms on a new lease, we can make a court or tribunal application on your behalf.
Can you do a leasehold extension for flats?
Once you have owned a leasehold flat for two years you can apply to extend the lease by an extra 90 years.
In most cases, you will need to pay the freeholder or landlord a premium (i.e. a lump sum). You may also need to pay any reasonable costs incurred for a property valuation and legal fees.
The ground rent will reduce to a ‘peppercorn’ rent (i.e. will be nominal with no monetary payment).
If the landlord refuses to offer you a reasonable price or reasonable terms on a new lease or ignores your offer completely, we can make a court or tribunal application on your behalf.
Why choose us to help with a lease extension?
With our friendly support and expert legal advice, you can minimise the stress often associated with lease extensions.
Our conveyancers and conveyancing solicitors do their best to make the process as smooth as possible. They also communicate with you regularly so you always know what is happening.
We offer:
- A single, dedicated point of contact
- Friendly and efficient experts
- Liaison with mortgage providers
- Clear & competitive costs
Accredited by the Law Society Conveyancing Quality Scheme, our team of Conveyancers in Sunderland can help to negotiate a lease extension in the North East or anywhere throughout England & Wales.