If you are thinking of extending the lease on your property then it is important that you know how the process of leasehold extension works. This will enable you to plan everything properly and ensure that everything runs as smoothly as possible. So having made the decision to apply for a UK lease extension, what do you need to do if you cannot agree a voluntary extension with your landlord.
Leasehold Extension Step One: Make the Decision
If you are thinking about leasehold extension, then at some point you will need to make the decision to commit to it. There are two main things you need to have in place in order to do this: you need to have owned your property for at least two years [ although there is no requirement that you have actually lived there] and your original lease needs to have had been for a term of at least 21 years [99 or 125 year leases are most common].
Leasehold Extension Step Two: Preparation
Later you will be serving notice to your landlord that you intend to extend your lease under the 1993 Leasehold Reform Act, but before you do that, it’s important to get everything in place to make the process of leasehold extension as efficient as possible. You will need to make sure you are eligible (as above) and identify the ‘competent landlord’, which will normally be the landlord you deal with on a regular basis and they will be the one with the power to grant you a lease extension.
You will also need to hire specialists, including a surveyor experienced in leasehold extensions to reduce a valuation report on your property and a specialist leasehold extension solicitor who will be able to guide you through the process and help you compile all the information you need to give to your landlord.
Leasehold Extension Step Three: Serving the Notice
Once you have all your preparations in place, your solicitor will serve notice on your landlord that you intend to extend your lease by 90 years. As long as you have done everything correctly up to this point, they shouldn’t have any objections to your claim for an extended lease as it is your legal right.
Leasehold Extension Step Four: Setting the Price
You will then need to agree a price with your landlord in order to achieve lease extension. Bear in mind that if you have less than 80 years unexpired on your original lease, this will increase the cost. You will also have to pay your landlord’s reasonable costs. If you are unable to agree between you, then you will need to refer the case to a Leasehold Valuation Tribunal, where the dispute will be settled.
Looking For Specialist Leasehold Extension Solicitors?
Wherever you live in the UK, for a FREE initial telephone consultation and a FREE quote on extending your lease,either ;
- Call a specialist lease extension and enfranchisement solicitor from our team today on 0800 1404544 or email us using our contact form
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