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Lease extension advice
Are you a leasehold property owner? Are you interested in a lease extension? Eatons leasehold extension specialists can advise you on every step of your lease process.
If you are a leaseholder, you can extend the lease of your property by law. The value of your flat is likely to be significantly increased by a properly negotiated lease extension.
However, leasehold extensions involve a complex area of law, and it is highly recommended to instruct a specialist leasehold extension solicitor. With offices in Bradford, Yeadon, and Bingley, Eatons lease extension specialists have experience and excellent knowledge of the law and are happy to provide their conveyancing services at competitive quotes.
To obtain some free initial advice, please contact a specialist in our property department who would be happy to discuss matters with you or email us at enquiries@eatons-solicitors.co.uk about your query.
Some of our FAQ's
Click below to see some of our FAQs, providing the answers to help you understand our services better. Still can't find what you're looking for? Please don't hesitate to reach out to us directly.
How to extend a leasehold
What are the stages of a Leasehold Extension?
How is the extension premium calculated?
Leasehold extension costs
What is the difference between leasehold and freehold?
Can a freeholder refuse to extend a lease on a flat?
What are the advantages of a leasehold extension?
What are the disadvantages of being a leasehold property?
What is a peppercorn leasehold?
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How to extend a leasehold
By law, there are two ways you can extend the lease on your property:
Statutory Lease Extension Process (also called leasehold enfranchisement or formal lease extension). This leasehold extension process allows a leaseholder to extend their lease by law using the Leasehold Reform Act 1993. A statutory lease extension adds an additional 90 years onto your current lease term, reducing ground rent to zero (peppercorn). This is the best route for leaseholders.
Informal Lease Extension Process. In this case, you can agree on any length of lease term up to 999 years and add new clauses and ground rent increase. This route is recommended to shared freeholders or shared ownership leaseholds.
If you are unsure about the best leasehold process, our leasehold extension solicitors will be happy to provide free initial advice to help you navigate the lease extension process.
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What are the stages of a Leasehold Extension?
The lease extension process can be summarised in four steps:
Check your eligibility. Eatons' specialists provide free initial lease extension advice in Bradford, Yeadon, and Bingley.
Value the premium by instructing a specialist leasehold extension valuer.
Serve Section 42 Notice and Negotiations. Once you know how much to offer the freeholder, you can instruct a solicitor to manage the serving of the section 42 notice, review the lease, and register it at the Land Registry.
Extend your Lease. At this stage, your leasehold extension solicitor will draft and review the new lease, sign it, and send the premium for the new lease on the completion date. You will also receive post completion assistance, including settling any ground rent or service charges due.
To make sure you save time and money, it is highly recommended to seek the help of a lease extension solicitor. At Eatons, your dedicated leasehold extension specialist will help you through each step of the process. Call us on 0800 998 1155 to find out more.
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How is the extension premium calculated?
A valuation provides the premium payable to extend your lease by an additional 90 years. To carry out their leasehold extension valuation, the surveyor will look at several factors, such as the outstanding term of the lease, the property's market value, its potential for a value increase following the extension, and the current rate of ground rent.
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Leasehold extension costs
We offer fixed fees for Lease Extensions. However, the fee amount depends on the complexity of the case and therefore we would recommend you contact the office to obtain an estimate.
Factors to be considered will be whether or not the lease extension is disputed with the landlord or whether it is by mutual agreement.
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What is the difference between leasehold and freehold?
As a freeholder, you own the property and the land it sits upon.
As a leaseholder, you only own the right to occupy the property for a given number of years under your Lease agreement.
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Can a freeholder refuse to extend a lease on a flat?
As long as you meet all the leaseholder eligibility criteria, the freeholder cannot refuse to extend a lease. However, they can still disagree with your premium offered (as per Section 42 Notice).
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What are the advantages of a leasehold extension?
The pros of extending your lease are:
You can increase the value of your property. If you want to sell it, the person who buys it will have at least 90 years to live in it, or they may even sell it in turn at a higher price.
You will no longer have to pay ground rent. Once you extend your lease by the statutory 90 years, you will not have any ground rent left to pay.
You can remortgage the property.
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What are the disadvantages of being a leasehold property?
The cons of extending your lease are:
The cost of the leasehold extension process, especially the sum you will need to pay to the freeholder to compensate them for your extended lease (the premium). The process also involves extra costs, such as the surveyor's valuation, your dedicated solicitor's fees, and the freeholder's legal and surveying expenses.
You will not become a freeholder. Regardless of the lease extension, you will still be renting your property from your landlord or freeholder. This means you won't gain any legal control of a building and you will still have to pay service charges.
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What is a peppercorn leasehold?
A peppercorn leasehold or rent is defined as "a very low or nominal rent". This is merely notional rent that isn't demanded or paid. It is purely a legal requirement of any contract to protect the owner of the property and, if necessary, set further terms to the agreement (i.e., restrictions on external decor or parking rights).
We offer fixed fees for Lease Extensions however the fee amount depends on the complexity of the case and therefore we would recommend you contact the office to obtain an estimate.
Factors to be considered will be whether or not the lease extension is disputed with the landlord or whether it is by mutual agreement. To obtain some free initial advice, please contact a specialist in our property department who would be happy to discuss matters with you or email us on enquiries@eatons-solicitors.co.uk about your query.
Contact Eatons Property Solicitors Today
We offer fixed fees for Lease Extensions however the fee amount depends on the complexity of the case and therefore we would recommend you contact the office to obtain an estimate.
Factors to be considered will be whether or not the lease extension is disputed with the landlord or whether it is by mutual agreement. To obtain some free initial advice, please contact a specialist in our property department who would be happy to discuss matters with you or email us on enquiries@eatons-solicitors.co.uk about your query.
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