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We help 200-300 leaseholders a year to extend their leases. They are in safe hands. The South East Leasehold team has over 100 years combined experience.
We undertake the whole process from start to finish at a fixed fee. In fact we are the only company in the UK to provide this complete valuation and legal service genuinely under one roof. Call us now for a no obligation chat with one of our team.
The lease extension process is complex involving both valuation and legal work. It is vital you are properly represented by experienced Solicitors and Chartered Surveyors to ensure the best premium is obtained and additional unnecessary costs are avoided.
We have come up with this quick and easy calculator to give you an indication of the likely cost of your lease extension. The calculator is for information purposes only. South East Leasehold will not be held liable for any loss arising from reliance on the figures given here. You should always obtain a full inspection and valuation before committing to extend your lease.
Unfortunately your lease is a wasting asset and as its term reduces so does the value of your flat. The extent of this is not fully appreciated in the early years because the decrease in value is generally offset by increases in the housing market. However when the term reaches 70 years or less it is more difficult to obtain a mortgage on normal terms. It therefore becomes difficult to sell the flat and so it reduces in value.
An extension reverses this process and the full value of the flat can be realised on sale. This is the main reason people extend there leases. Unfortunately the longer you leave it to extend your lease the more expensive it becomes.
Before the Leasehold Reform Act leaseholders were at the mercy of unscrupulous landlords who took the opportunity to charge high premiums for the extension and to increase the ground rent. Leaseholders watching their flats devalue had little option but to accept the landlords terms.
Extending your lease is one of the most important investment decisions you can make. It will restore the value of your home, provide security and excellent returns on your money. The cost rises every month so there is never a better time to get the process started than today.
Yes, more than likely! The majority of flat owners will be able to extend under the legislation. There are some legal requirements that must be met. The most significant are as follows:
You will be entitled to:
The landlord is entitled to compensation for the loss he will experience on granting of the lease extension. This compensation is essentialy the premium that you as the leaseholder will pay.
It is made up of the following:
You may have already approached your landlord for a quote to extend the lease. You may be unhappy with the price or want to check that the quote is fair. Or you may want a professional assessment of the premium with which to approach your landlord.
Initially then you will want a professional report that gives a valuation of the cost of the extension and that can be used as a basis in subsequent negotiations with the landlord. The same report can also be used if the matter goes to tribunal.
If you were to proceed under the Act then the formal procedure is started by the service of the Tenant’s Notice on the landlord (the Tenant’s Notice) and it then follows a prescribed route. Although this is the beginning of the formal process for acquiring the ninety year extension, it should follow a period of preparation to ensure that you are fully equipped and advised to complete the acquisition. There is a substantial amount of work to be completed before you start.
South East Leasehold are Chartered Surveyors and Qualified Solicitors. We will undertake the whole valuation and legal process for you from start to finish. We will also advise you as to the procedure under the Act. The process can be divided into 2 separate but dependent operations being valuation and legal. Each part is undertaken by the respective valuation or legal professional.
The starting point is to carry out a valuation of the property and to examine the lease to determine the premium to be paid for the extension, this is carried out by our Surveyors. We will provide a full valuation report which is the detailed argued case for the figure we recommend be put in the notice and which would eventually form the basis of any experts report for a tribunal. You can decide at this point whether to proceed to the legal work or not.
Our surveyors will also undertake negotiations with the freeholder’s surveyor to agree the final premium. They will also attend the tribunal as expert witnesses if the premium cannot be agreed, this is under separate instruction from you.
Our Solicitors will serve the initial notice on the freeholder incorporating the figure we have recommended in the valuation report. This is the start of the legal procedure. There is then a 2 month period in which the freeholder will serve a counter notice (section 45 notice). Following the agreement of the premium our solicitors will negotiate with the freeholders solicitor to agree the lease terms. Once agreed they will complete the lease extension and register at the Land Registry.