Lease Extensions
- About Us
Expert Lease Extensions with Bate & Albon.
Our landlord and tenant team specialises in lease extensions and handles a multitude of cases every year. Whether you’re a freeholder, a leaseholder, or a residents’ management company, we’re here to simplify the lease extension process for you.
Lease extensions can seem daunting, but our goal is to make it stress-free and keep you informed throughout the entire process. We’ll even handle all the heavy lifting, dealing with your mortgage company and residents’ management company where necessary. In this comprehensive guide, we’ll break down the lease extension process and its benefits.
- Our Services
What areas do
we cover?
Understanding Lease Extensions
If you’ve owned your flat for at least two years, you’re entitled to extend the lease term by 90 years and reduce the ground rent to a peppercorn, or zero, in exchange for a premium payment to the freeholder. This resolves the issue of a leased property being a diminishing asset and will make it easier to sell or remortgage.
In addition to the payment of a premium to the freeholder, you’ll need to cover the reasonable legal and valuation costs incurred by the freeholder when granting the lease extension. If the costs claimed are unreasonable, we can guide you on how to challenge these in the Property Tribunal or through negotiation with the landlords solicitors.
Our Process
Our team of experts takes care of all the legal aspects of your lease extension. We work in collaboration with professional valuers who handle the valuation and negotiation of the price for your lease extension.
Once the process is complete, we’ll register the document at the Land Registry and provide you with an updated leasehold title and a copy of the final signed deed. These will be the proof of the longer lease you will need when you come to sell the property.
Related Services
Aside from standard lease extension claims, we offer a range of additional services:
- Lease extensions as part of a flat sale or purchase, where you can use the sale proceeds to cover the extension costs.
- Lease extensions that take place alongside a remortgage.
- Removing doubling ground rents, RPI ground rents, or other problematic ground rents using deed of variation.
- Handling cases involving missing or uncontactable freeholders or management companies.
- Granting a lease extension from a group of co-freeholders to another flat owner.
Lease extensions come in various forms, each with its unique challenges and timelines. Factors such as the parties involved, defective leases, funding, and the freeholder/leaseholder relationship can all influence the difficulty of the process. But don’t let this intimidate you; we’re here to navigate through the complexities on your behalf.
A standard claim from client on boarding through to completion can take around 4 months however due to factors outside of the control of the leaseholder, a lease extension can take more than 12 months if for example a Tribunal application is required because terms cannot be agreed (though this is in the minority of cases).
Understanding the Costs
We understand that costs can be a concern when considering a lease extension. Read our blog ‘How much does a lease extension cost?”
For a voluntary lease extension, our estimated costs in the case of a straightforward leasehold and freehold title are £945 plus VAT, along with a registration fee of £45 and Land Registry document fees of approximately £15.
Valuation costs are paid directly to the surveyor responsible for your valuation.
Statutory or formal lease extensions start at £1,395 plus VAT, with a registration fee of £45 and Land Registry document fees of around £15. In cases involving defective leases, unauthorised alterations, or headleases, our costs will be tailored to reflect the additional work required. Contact us, and we can provide you with a specific estimate based on your unique circumstances.
You will have a single point of contact throughout the process if you instruct us to handle your lease extension. We are a niche team that aims to take the unpredictability and stress out of the process for our clients.
If you’re considering a lease extension, reach out to Ricky Coleman, Partner, and head of our Landlord and Tenant team, for a personalised quote. We’re here to simplify the process, provide you with expert guidance, and ensure that your lease extension is a smooth and successful journey.
In summary, lease extensions might seem overwhelming, but our experienced team is here to guide you through the process. We’re dedicated to making the process stress-free, transparent, and cost-effective. Don’t hesitate to get in touch with us for a personalised quote and start your lease extension journey with confidence.
- Where are we?
Commercial Property Solicitors in Brighton, Chichester, Eastbourne & Worthing
As a firm based in in East and West Sussex, Bate & Albon are specialists in our local property landscape. We make it a priority that you and both parties receive full clarity and premium service when it comes to business premises and commercial property. Our highly professional team of legal experts ensure that you and your property are in safe hands.
Looking for a solicitor to help you with your property? Contact Carl Bate to see how we can help you with your matter.