Lease extension solicitors - London conveyancing

There is a growing number of properties being built and sold on a leasehold basis, both in relation to houses and apartments. Purchasing a leasehold property means you are buying the rights to live in that particular property for a specific amount of time. Modern flat leases in London typically tend to last between 99 and 125 years, whereas leasehold houses may have terms of up to 999 years.

At the outset of the lease term, little concern is raised about a lease with 125 years left to run. During this time several owners will live in that property. However, as the years pass, the length of time left to occupy diminishes. This then can create issues. Who would want to buy a property at a premium with a guaranteed right to occupy for a small amount of years? In addition, banks will not assist purchasers of leasehold properties unless the terms of years left on the lease exceeds a minimum, in some cases the minimum number of years being at least 70. Some leasehold properties, if their leases diminish without action, render the properties incapable of being sold or mortgaged. In these cases the value is reduced, and their potential purchasers are limited to cash purchasers looking for a bargain.

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Short lease length

Stephensons are identifying more and more properties coming to market in London, which are being sought after by purchasers, but which are not concluding because of the short lease length remaining. Unfortunately, this can occur quite late in the transaction, leaving both seller and buyer very bitter from the experience. 

It is however possible to, in many cases, seek an extension of the lease from the properties landlord and guarantee the owners longer rights of occupation, ensuring that the property remains a valuable assets capable of being sold and mortgaged. Lease extensions do require payments to be made to freeholders, upon which advice must be sought.

If you have owned a property in London for two years or more and are interested in a lease extension, Stephensons is able to help guide you through the process. In addition to this, if you are interested in selling your property but you are aware that it has a relatively short lease, we are able to obtain a lease extension before marketing your property. As a result, this will not only have a positive impact on the sale value but may ensure that your sale proceeds.

 

Lease extension pricing

Our residential conveyancing solicitors have been dealing with lease extensions in the London property market for a number of years. As a result we can be sure that our clients are comfortable with and understand every stage of the process, ensuring that the process goes as smoothly and seamlessly as possible. In the majority of circumstances, our lease extension specialists are able to offer this service for a fixed fee starting at £1,250 plus VAT*. Stephensons’ lease extension experts have a long-standing relationship with a specialist surveyor who we can recommend on your behalf, in the case that you may require a surveyor during the lease extensions process. For further information on lease extensions in London and any advice you may need, contact Stephensons on 0203 816 0076.

*Further fees may include:

  • ID check: £5 per person plus VAT
  • Bank transfer: £25 plus VAT
  • Office copies: £15 plus VAT
  • Land registry fee: dependent on receipt of terms of lease extensions. Approx £40 plus VAT.
  • Dealing with mortgage lender’s requirements in regards to your lease extension: £350 plus VAT
  • Section 42 notice: £500 plus VAT

Our solicitors who specialise in lease extensions in London will be able to help explain the above and any further charges you may incur during the process.

 *Terms & conditions apply

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