Lease ExtensionsResidential Conveyancing
Lease Extension Solicitors
Leon Kaye has a team of experienced and meticulous conveyancing solicitors who specialise in advising clients on extending their leases.
As the years left on a lease decrease, it makes it harder for leaseholders to sell their properties. Mortgage lenders are becoming more aware of this; therefore, they now require a lease extension before they agree to lend mortgage money to fund the purchase of a property with a short lease. A lease extension is a method in which a leaseholder extends the term of their lease. Leases of both flats and houses exist and are capable of extension.
Do I qualify for a Lease Extension?
To qualify for a lease extension, you should be the registered owner of the property at the Land Registry for a minimum of 2 years and must have been granted the term of the lease for over 21 years.
Once you do qualify, you can extend your lease by adding up to 90 years to the existing term and decreasing the ground rent to zero.
Some flat owners are only aware of the need to extend once they market their flat for sale. The flat owner must be registered as the lawful proprietor at the Land Registry for at least two years to be eligible to use the statutory lease extension process. They can also start the process by serving the necessary notice between the exchange of contracts and legally assigning the notice’s benefit to the next owner.
It is essential to extend your lease before your term drops below 80 years; if not, you will owe the landlord extra compensation for them to grant an extended lease which will inevitably make the process more expensive (this is known as marriage value).
How long does it take to extend a lease with Leon Kaye Solicitors?
This is dependent upon the parties and how long the price negotiation process takes. This can take a minimum of 6 months even if both parties are keen to reach a reasonable agreement.
Lease Extension Legal Fees with Leon Kaye
Our team of experienced property solicitors can provide you with great lease extension advice. Our fees are dependent on the options available and different outcomes. In most instances, the landlord and leaseholder reach an agreement, and the lease extension is complete. In the instance where terms cannot be agreed without recourse to the Tribunal, we will inform you very transparently about the legal costs.
Our goal is to advise clients efficiently and cost-effectively while delivering practical solutions. We strive to offer first-class client-advisor relationships leading to greater trust and cooperation. It is this high level of service and client care which we believe differentiates us from others.
Get in touch with our Lease Extension Lawyers
Please get in touch if you would like to discuss your requirements with our specialist conveyance surveyors to help you with a lease extension. Call us on 020 7228 2020 (Chelsea Office), 020 7095 0930 (Knightsbridge Office), email us at firstname.lastname@example.org or fill out our contact form here.