Is your Lease Losing Value?
The shorter your lease becomes, the less your flat will be worth. If your lease is approaching or only has 80 years or less left before it expires you should consider extending it. The cost of extending your lease may increase significantly once the remaining term of the lease falls below 80 years. You could also face difficulties selling your property as your flat may become un-mortgageable. It is therefore best to extend your lease as soon as possible.
Subject to meeting qualifying criteria, flat owners who have owned their flats for at least 2 years are entitled by law to extend the term of their lease by 90 years. Also with cancellation of any ground rent payable under the Lease. The law states that you will have to pay your Landlord a sum of money (the premium) for the lease extension. We recommend that you seek advice from a specialist Surveyor to ascertain the likely premium payable.
The law sets out a procedure to be followed to obtain a lease extension. This includes serving a formal Notice on your landlord. Strict procedures and time limits apply. So it is therefore important to ensure that you get it right by instructing a specialist property law solicitor to act for you. If you do not satisfy the criteria or your landlord is willing to negotiate a lease extension on favourable terms. Then you can agree a lease extension with your landlord outside of the statutory procedure.
Whichever method is used, our property law solicitors can help guide you through the procedures, prepare the appropriate documentation, obtain your mortgage company’s consent (if applicable) and arrange for the lease extension to be registered at the Land Registry.
Varying your Lease – Are there Defects in your Lease?
If any of the terms of your lease are unsatisfactory and your landlord agrees to vary the Lease we can deal with a Deed of Variation to give effect to the variation. We can also liaise with your mortgage company to obtain their consent to the variation and register the change at the Land Registry.
Please telephone the contact numbers below to arrange an appointment to
see one of our property solicitors.
We are particularly proud to be a member of the Association of Leasehold Enfranchisement Practitioners, the Conveyancing Quality Scheme and Lexcel which are badges of assurance to our clients that they will receive a consistently high level of service, integrity and professionalism from us.