Frequently Asked Questions
A lease extension is the process of increasing the remaining term of a leasehold property. This can help protect the property’s value and make it easier to sell or obtain mortgage finance, depending on the circumstances.
A shorter lease can affect the value and marketability of a property and may make obtaining mortgage finance more difficult. Extending the lease can provide greater long-term security.
There is no single answer that applies to every property. The remaining lease term, property value, mortgage requirements and your plans for the property should all be considered. Obtaining advice early can help you understand your options.
Potentially. The available options depend on your circumstances and the applicable legal requirements. We can advise you on whether a statutory or voluntary route may be available.
The cost can vary considerably. It may include the premium payable to the freeholder, legal fees, valuation fees and other costs associated with the process. The amount of the premium depends on factors including the property’s value and the length and terms of the existing lease.
Although the process may involve significant legal and financial considerations, having a solicitor advise you can help ensure the legal documentation and process are properly dealt with.
Depending on your circumstances, you may have statutory rights to pursue a lease extension even where the freeholder does not voluntarily agree. We can advise you on the appropriate legal route.
A statutory lease extension follows a legal process with specific requirements and protections. A voluntary extension is negotiated directly with the freeholder and may involve different terms. The appropriate option will depend on your circumstances.
Where an extension is being negotiated voluntarily, the parties may have greater flexibility over the terms. Even with a statutory extension, the resulting lease documentation should be carefully reviewed.
A longer lease can improve the marketability and value of a leasehold property, although the impact will depend on the individual property, market conditions and other factors.
You may need your existing lease, title information, property details and correspondence with the freeholder, together with valuation information and other relevant documents. We can advise you on what is required for your particular case.
We can assist with the legal aspects of the process, including reviewing your lease, advising on your options, corresponding with the freeholder, reviewing the new lease and dealing with registration where required.
