What is a lease extension?
A residential lease extension is a method by which a leaseholder extends the term of their lease. Leases of both flats and houses exist and are capable of extension. We provide many leasehold solutions that would suit you so why not give a try? Extending a leasehold property is our speciality.
Can I extend my lease?
Provided certain criteria are met you could benefit from extending the lease of your flat or house under the legislation.
Even if you do not qualify for a statutory lease extension, you can still possibly negotiate with your landlord on an informal basis to agree to terms for a lease extension valuations. We have dealt with lease extensions in London as well as the rest of the UK. Extending a leasehold property is our speciality.
Why should I extend my lease?
A lease is a depreciating asset. As the term of the lease decreases its value decreases and therefore the cost of extending the term becomes costlier.
It can sometimes be difficult to sell a property with a short lease because a mortgage provider may be reluctant to lend money against the short lease term.
Therefore, extending your lease could add thousands to the value of your flat and make it easier to sell. Why not try our quick lease extension calculator to see how much it will cost you. Extending a leasehold property is our speciality.
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If you’re claiming Leasehold extension in accordance with the statutory procedure, then your rent will be reduced to a peppercorn (nil). A lease extension valuation is additionally often seen as an opportunity to modernize outdated terms contained in some older leases.
When should I extend my lease?
There is no one answer, but we might advise that you simply extend your lease in advance of the term dropping below 80 years unexpired. If a lease term is below 80 years the value of extending the lease on your flat increases as a further ‘Marriage Value’ forms a part of the calculation of the premium.
How long does it take to extend your lease?
The time taken to increase a lease depends on a variety of variables including the number of parties involved and agreement on the premium and specific terms.
A statutory residential lease extension valuation is dictated by a timetable that has to be adhered to and matters generally take a number of months between the serving of notice for a claim of a lease extension and completion of the matter.
Residential lease extensions outside of the statutory procedure tend to take much longer due to the fact that the landlord can (and often does) drag their feet as they are not bound by any timescales.
How much does it cost to increase your lease?
Unfortunately it is not possible to give an indication of how much premium you would have to pay as not 2 lease extensions are the same and each depends upon its own merits. However, you can get a “ballpark” figure by visiting our lease extension calculator and entering the details. Please note this is only a “ballpark” figure and so should be treated as such. to get an accurate figure we will need to undertake a full valuation