Lease Extensions SOLICITORS

If you own a flat or house with a short-term lease, it may affect your ability to sell the property in the future. Our lease extension solicitors provide an efficient and experienced service for this often complicated process. We help you to agree to an extension or negotiate with the freeholder while following the necessary statutory procedure.

Our award-winning solicitors have been offering legal services to the people of Yorkshire and further afield for more than a century. We are dedicated to helping you by providing simple and clear legal advice throughout the process of extending the lease on a property you own.

Contact the conveyancing team at Ramsdens today by calling 01484 821 500 or complete our online enquiry form and we will be in touch at a time that is convenient for you.

How our lease extension solicitors can help

Tenants who have been in ownership of their leasehold property for two or more years can extend their lease terms at any time, subject to qualification, by the virtue of the Leasehold Reform Housing & Urban Development Act 1993. The Act sets out the qualifying criteria and formula for valuing the price payable to the landlord for extending the lease term.

A lease extension can also be achieved outside of the act through negotiations with the landlord. Our experienced lease extension solicitors are on hand to make this process as simple and straightforward as possible for you. We also promise to do our utmost to ensure that this is carried out quickly and with minimum disruption to your life.

Securing a lease extension can be advantageous for property owners as it can greatly impact the likelihood of selling a property at an attractive market price. Properties with a longer leasehold term generally have a higher market value than an identical property subject to a shorter residual leasehold term.

Tenants who secure a lease extension (by exercising their statutory right) will pay a “peppercorn rent” which will mean no ground rent will be paid. If your lease is extended by negotiation, you may still have to pay ground rent depending on the terms of your agreement.

Lease extension is a complicated legal process, which is why you should speak to an experienced conveyancing solicitor who can advise you on the next steps.

Why choose Ramsdens?

Ramsdens Solicitors has one of the largest and most technologically advanced conveyancing teams in the country. Our legal experts have dedicated assistance to keep you fully informed throughout the legal process.

With Ramsdens, you can guarantee that you will receive:

• Access to Ramsdens’ legal experts: Whatever related matters may arise during the course of your transaction, we have in-house legal expertise to hand
• A committed and experienced team: We take things personally and treat each house move as if it were our own. You will always be kept informed of progress and your transaction will be completed with minimal fuss
• Transparent conveyancing costs: Fixed fees are agreed at the outset, with all details explained so you always know where you stand

The expertise of our team is widely recognised and they have received many accolades, including:

• Accredited member of the Law Society’s Conveyancing Quality Scheme
• Winners of #CQS Award for Excellence in Conveyancing Practice at the Law Society Excellence Awards
• Highly Commended in the LFS Awards Conveyancing Team of the Year for the Yorkshire and North East Region 2017
• Winners at the Yorkshire Legal Awards 2017, Residential Conveyancing Team of the Year

FAQs

What is the process for extending a lease?

The process for extending a lease can be complicated and require insights from a legal expert. We have outlined the process for how you should go about requesting a lease extension below.

• Step 1: Inform the freeholder of your wishes to extend the lease and that you will be pursuing the statutory route.
• Step 2: Appoint a lease extension solicitor
• Step 3: Speak to a valuation surveyor who has expertise in leasehold extension legislation and the local property market.
• Step 4: Make a formal offer for the price of extending the lease.
• Step 5: Pay the deposit if one is requested by the landlord. This will either be £250 or 10% of the lease cost in the tenants’ notice, if that exceeds £250.
• Step 6: Negotiate a price.

If the freeholder does not accept the amount you have offered to extend the lease, then you will need to negotiate. If an agreement cannot be reached, you may have to apply to the First Tier Tribunal (Property Chamber).

Although cases progressing to the tribunal are uncommon, they can be time-consuming and costly.

When can I request a lease extension?

Your eligibility to extend a lease is determined by reference to a number of strict legal requirements that differs depending upon the type of property in question. We have outlined advice on these below.

Flats and apartments: A qualifying tenant of a flat can extend their lease if they have been the legal owner for a period of at least two years, and the initial period granted under the lease was above 21 years. Eligible tenants can apply for a lease extension of up to 90 years.

Houses: A similar criteria exists for houses, provided there is the right to purchase the freehold. Unlike leasehold extensions for flats, the maximum for a new lease for houses is 50 years.

Our experienced lease extension solicitors can help you to identify whether you qualify for a lease extension.

How long does the lease extension process take?

The process of extending your lease could take between three and 12 months. The time it takes could be decreased by efficient valuers and other professional help.