Lease Extension

Extending the Lease of Your Flat

While some flats are held on very long leases (999 years), it is not uncommon for flats to be held under leases of 125 years. As the years pass, your lease will reduce in length and value, becoming less attractive to mortgage lenders and indeed purchasers. The policies of lenders differ but some banks are known to refuse to lend on a leasehold flat with less than 80 years left on its term.

In order to make your flat more marketable, or even to allow you continue to live in it, it would be advisable to consider extending the lease.

A lease extension may be necessary as part of a sale. Where appropriate it may be possible to assign the benefit of a claim for a lease extension as part of the sale process.

Quick Enquiry

Do Not Delay

You may have seen publicity around this whole area of law being considered for reform. However, there is no certainly as to how the law might change or when. It may not be in your interest to 'wait and see'. This is particularly the case if your lease will soon drop under 80 years as then you will need to pay for 'marriage value' which will make the premium more expensive.

How Can We Help?

The relevant legislation sets out a strict procedure to be followed to secure an extended lease. We regularly assist leaseholders, and indeed freeholders through this process.

For leaseholders we can:

• Advise on the proper procedure which must be followed
• Liaise with a valuer to ensure the proper price is offered for the extended lease
• Prepare and serve the notice to start the claim
• Protect the application for an extended lease at the Land Registry
• Negotiate any appropriate amendments to the lease
• Liaise with the valuer while negotiations on the premium proceed
• Deal with putting the new lease in place when terms are agreed
• Act in any necessary Tribunal proceedings if terms cannot be agreed
• Act in any Court proceedings if the lease does not complete when terms are agreed

For freeholders we can:

• Advise on the proper response if a leaseholder serves notice claiming a lease extension
• Deal with the necessary counter-notice on your behalf
• Deal with completion of the new lease once terms are agreed
• Deal with any Tribunal or Court proceedings
• Recover costs (legal and valuation) as allowed under the legislation

If you are a leaseholder or freeholder of a leasehold property and need to extend a lease on your flat, please contact Laura Seaman in our Property Litigation team, on 01923 919 314. Alternatively, you can complete the form below.