The cost of the lease extension has to be professionally valued but usually runs to several thousand pounds.
It is important to know that each year the term of your lease grows shorter and it therefore becomes more expensive to extend the lease. This is especially the case if your lease has less than 80 years left. At this point, the freeholder becomes entitled to charge you an extra payment known as “marriage value”.
You will need to instruct a surveyor and a solicitor to act for you and you will also be expected to pay the freeholders’ surveyor’s and legal costs. Also if you have a mortgage, your solicitor will need to obtain your lender’s consent. Some lenders charge a fee for supplying this consent.