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