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Increasing numbers of properties are built and sold on a leasehold basis as opposed to freehold or commonhold. This is particularly the case with flats. With a leasehold property, you are actually buying the rights to live in a property for a set period of time. Modern flat leases typically tend to be for 99 to 125 years. whilst leasehold houses can have a lease term of up to 999 years (which are unlikely to need extending). Although this may seem like a long period of time, you may consider the advantages of extending the term of the lease sooner rather than later.
As the lease term becomes shorter the cost of extending the lease becomes disproportionately greater. In addition the freeholder (the person who owns the property and ground it is built on) is entitled to a share of the increase in the value of the flat should the lease be extended.
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The right to request a lease extension generally starts once you have owned the property for two years. If you are thinking of selling a property which still has a relatively short lease, Stephensons can obtain a lease extension before marketing the property. This will make a difference to the sale value.
Anyone purchasing a leasehold property should look carefully at the length of the lease remaining and seek the advice of a solicitor regarding the costs of extension to make sure that any investment in this type of property is a sound investment. Any mortgage lender will require that the remaining lease term is of a required minimum length before they will lend money on a property.
Our residential conveyancing solicitors have been carrying out lease extensions for a number of years and as a result we can ensure that this process goes smoothly and efficiently for you. In most situations our lease extension experts are able to offer this service for a fixed fee starting from of £1,250 plus VAT **
Additional fees and disbursements may apply*.
For more information contact us on 0203 816 0076.
Our lease extension team have an association with a specialist surveyor who we can instruct on your behalf should you require one during the process.
* Additional fees include:
I.D Check (1) person: £5 plus VAT
Bank Transfer: £25 plus VAT
Office Copies: £15 plus VAT
Land Registry Fee: estimated £40 (to be confirmed upon receipt of terms of lease extension)
If you have a mortgage the additional fees for dealing with your lender's requirements in respect of the lease extension: £175 plus VAT
Should we be required to serve a section 42 notice (requesting an extension from the landlord): £500 plus VAT
It is also worth drawing to your attention that once a Section 42 notice has been served on the landlord you will be responsible for making payment of the landlord's reasonable legal fees, which may include a valuation, and you may also be requested to pay a deposit to the landlord.
If the lease extension becomes disputed beyond the initial notice and counter notice (i.e. application to the leasehold valuation tribunal required) then we will need to review our fees as this is not included within the fixed fee above.
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