Lease extensions offer an opportunity for leaseholders to extend their lease term, providing greater peace of mind and enhancing the marketability of their properties.
What is a lease extension?
A lease extension is a legal process that allows leaseholders to extend the length of their lease beyond its original term. Most residential leases have a fixed term, often ranging from 99 to 125 years. As the lease term decreases, the property's value may be impacted.
Benefits of a lease extension
- Extended lease term: By extending your lease, you can enjoy a longer period of ownership, providing you with increased stability and security in your home.
- Enhanced property value: A lease extension can help preserve or even increase the value of your property. A longer lease term is often more attractive to potential buyers or lenders, making it easier to sell or refinance your home.
- Avoidance of Ground Rent escalation: Some leasehold properties have Ground Rent clauses that escalate over time. By extending your lease, you may have the opportunity to renegotiate or eliminate ground rent obligations, providing financial relief.
Our services include:
- Information and consultation: We offer comprehensive information and resources on lease extensions, including the eligibility criteria, lease extension procedures, associated costs, and timeframes. We are here to address any concerns and provide clear explanations to help you make informed decisions.
- Professional advice: Our experienced team can connect you with trusted solicitors and surveyors who specialise in lease extensions. These professionals can guide you through the legal aspects, conduct property valuations, and negotiate on your behalf to achieve favourable terms.
- Application support: We can assist you in initiating the lease extension process by providing the necessary documentation, including the formal route, involving the serving of a Section 42 Notice (Notice of Claim). Our team will ensure that your application is properly prepared and submitted in compliance with the relevant legislation.
- Collaborative Approach: We aim to foster open communication and collaboration between leaseholders, ensuring that your interests are represented and your needs are met throughout the lease extension process.