Frequently Asked Questions
Ignoring property price fluctuations for a moment, it is a fact that a lease will cost more to extend the shorter it gets.
If we factor in current price movements in London, they are moving upwards. This adds further cost to the lease extension.
In simple terms, the value of the lease extension is based on the compensation that the freeholder is due for having to wait longer until the property reverts back to him (this is called the reversion). Find out more..
You must be a long leaseholder. At least two – thirds of the flats in the building must have been sold on long leases (minimum 21 years when granted). At least half of the leaseholders in the building must participate..... Find out more..
Should you choose to approach the freeholder direct and negotiate your lease extension outside the provisions of the Leasehold Reform Housing and Urban Development Act 1993 (as amended), these rules do not apply. However, if you choose to use the powers of the Act, the following criteria must be met: Find out more..
Landlord or Freeholder - What is the difference between a Landlord and a Freeholder? These terms are often used interchangeably, which can lead to confusion. The Freeholder is the person or company that owns the freehold of the building, which consists of: Find out more..
1. Check who you should contact regarding the lease extension. This is known as “Identifying the Competent Landlord”. For clarification of the terms “Landlord” and “Freeholder”, please see the FAQ section “What is the definition of a Landlord”. Find out more..
Informal or Formal Lease Extension – Which to Choose? What are the pros and cons of taking the informal path to extend the lease of your flat? The Leasehold Reform Act provides a statutory framework to lease extension. Despite this, many leaseholders choose the informal route. This may offer benefits to both the landlord and the leaseholder. Find out more..
Extending the Lease on a House. Very few leaseholders extend the lease on their house. The reason is, if they qualify for a lease extension, they also qualify to buy the freehold, which has more advantages. With the freehold, you pay no more ground rent, you take charge of repairs and your home will become more valuable and easier to sell. Find out more..
Valuations In respect of land and buildings, valuations are the biggest single area of risk, accounting for a large part of our compliance checks. This is particularly so where the valuation is not referred to a qualified independent valuer and it is important to make sure the valuation is made for the purposes of relevant legislation and meets Royal Institution of Chartered Surveyors Find out more..
Long leaseholders have for the right of first refusal of their freehold, with some exemptions. The freeholder must offer the freehold to the leaseholders before selling the freehold to a third party to avoid committing a criminal offence.
It applies to the disposal of any property containing 2 or more flats held by qualifying tenants, as long as more than 50% of the flats in the property are held by qualifying tenants. Find out more..
If leaseholder qualifies under the Leasehold Reform, Housing and Urban Development Act 1993 and has served the correct notice under Section 42 of the Act they have a right to extend their lease.
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The landlord can make changes, however it depends on which route you take will have an impact on the number of variations they can make Find out more..
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 Find out more..
It depends on what route you take. under the Leasehold Reform, Housing and Urban Development Act 1993 or privately Find out more..
It is strongly recommended to obtain a valuation from a qualified surveyor who specialises in this area. They will give you the valuation of what the lease is worth. Find out more..
Since opening our doors in 2011 we have carried out over 1200 instructions. In the vast majority of cases we have, without the additional expense to our clients of going to going to Tribunal, obtained advantageous agreements including Find out more..
If you are the owner of a short, or relatively short, lease on a property in Prime Central London (PCL) you should seriously consider extending your lease now. As we are all aware PCL prices have declined over the last year or two, in particular since the introduction of the punitive Stamp Duty Land Tax Find out more..