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Lease Extension Solicitors
If you own a leasehold house or flat, you may need to extend your lease to prevent the property from losing value. Our expert lease extension solicitors can explain your options and deal with the legal process of extending your lease.
There are different ways to approach a diminishing lease and we will ensure that you make the right choice for your situation. The procedure for extending the lease on a house or flat is not always straightforward. We have the expertise to ensure that the matter is dealt with efficiently and to deal with any complications that may arise.
For tailored lease extension advice, contact our expert lease extension Senior Lawyer Sophia Ramzan on 0117 939 0350 or email info@watkinssolicitors.co.uk.
Alternatively, you can use our contact form to request a callback, and a member of our team will be in touch shortly.
Our lease extension services include:
If you wish to extend your lease, there are several options open to you. Firstly, you may be able to negotiate with your landlord to agree informally on an extension. This can be quicker and more cost-effective, but there is a risk that your landlord could change their mind.
Secondly, there is a formal route. If you have owned your property for at least two years, you are usually legally entitled to a lease extension by entering into a Deed of Variation. There is a strict procedure to follow if you choose this option, which starts with the service of a formal notice to the landlord.
An alternative is for you and your fellow flat owners to purchase the freehold of the block. This is known as leasehold enfranchisement. You would normally form a management company, which would complete the freehold purchase. Once this has been done, the management company could grant lease extensions to all leaseholders without the need to pay a premium.
Most leaseholders have the right to buy the freehold, providing that certain criteria are met. This includes at least half of the leaseholders joining in the process. Again, there is a strict procedure to be followed.
We can discuss your situation with you, provide relevant lease extension advice and explain which options are available and which is the best choice for your circumstances.
Whether you are following an informal or formal statutory route to extend your lease, we can liaise with your landlord or their solicitor to agree on a price for the extension. Where necessary, we can negotiate on your behalf. If you are following the statutory route and a premium cannot be agreed upon, we can ask the First-tier Tribunal (Property Chamber) to decide the amount to be paid. This is a specialist court that deals with leasehold matters.
We will go through the lease extension process, ensuring that you understand the steps, and work to complete and register matters promptly.
If you and your fellow freeholders decide to purchase your freehold, we can deal with this on your behalf, including forming a management company if required. We will serve notice to the landlord and work to agree on a price for the purchase.
Once the purchase has been completed, we can deal with lease extensions for all of the flat owners.
If you own a leasehold house and you wish to purchase the freehold, we can do this and then eliminate the leasehold so that the property is purely freehold.
If you have owned a lease with an original term of over 21 years for at least two years, you will usually be entitled to extend your lease. Once the Leasehold and Freehold Reform Act 2024 takes effect, you will no longer need to have owned the leasehold for two years and you will have the right to extend your lease from day one of your ownership.
Once a lease falls below 80 years, the value of your property can be affected. Mortgage lenders will not lend against a property once a lease falls below a certain point, often around 70-75 years remaining.
The premium for extending a lease increases once the lease falls below 80 years, so if your lease is approaching this point then you might want to consider extending it.
However, the Leasehold and Freehold Reform Act 2024 (the Act) may make it cheaper to extend a lease. You will also be entitled to an extension of 990 years.
The Act is anticipated to mostly take effect in 2025/2026. If you would like to know more about whether now is the right time to renew your lease, call to speak to us and we will be happy to discuss the situation.
If your landlord is prepared to extend your lease informally and you can agree on the premium, it may be possible to extend your lease within around three months.
The formal route will take considerably longer, generally up to a year. This is because there are notice periods and also the need to have the lease valued so that negotiations over price can take place.
A Deed of Variation is an alternative to drafting a new Lease when the current Lease contains a defect which needs to be rectified.
It is a Deed which contains the agreed amendments to the current Lease and is signed by the Freeholder and Leaseholder and sometimes third parties such as Mortgage Lenders.
The leasehold extension process is complex and you are strongly advised to instruct experienced lease solicitors to handle the matter on your behalf.
If mistakes are made in the formal procedure, you may not have the right to enforce an extension and the process will need to be commenced again.
It is also crucial to ensure that your interests are protected in the terms of the extension. If you follow the informal route, your landlord may give you a shorter extension than you would otherwise be entitled to and include conditions that might not be favourable to you.
Having experienced leasehold solicitors on your side can mean that your landlord handles the transaction more quickly and professionally than they might otherwise do. They will have less scope for delay and we will ensure that the process keeps moving forward.
The main reasons why it is important to extend a lease are:
The cost of a lease extension is composed of several different expenses:
The valuer will give you an estimate of the premium payable to the landlord for extending the lease. This is based on a range of factors, including:
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Contact our lease extension solicitors in Bristol, Bath, Hereford and Evesham
If you are considering extending the lease on a flat or house and you would like tailored lease extension advice, contact our expert lease extension Senior Lawyer Sophia Ramzan on 0117 939 0350 or email info@watkinssolicitors.co.uk.
Alternatively, you can use our contact form to request a callback, and a member of our team will be in touch shortly.