LEASE EXTENSION PROCEDURE 

09:20 07 May in News & Case Studies
0 Comments

1. Valuation. After the valuation inspection we will  report back to you with our findings within 7 to 10 days.
2. Serving Notice. On agreement of valuation we will send you the Legal Terms and Conditions. If you would like to proceed please fill these out and return to us. We will then serve notice on the Freeholder (Section 42 Notice). Once the notice is served you are also legally obliged to send a 10% of the premium as a deposit to the Freeholder. If you withdraw after Notice is served then you will be liable for the costs incurred by the Freeholder. The Freeholder must serve a Counter Notice within 2 months. Payment of the legal fee is required.
3. Negotiation. Once the Counter Notice is received your surveyor and the Freeholder’s surveyor will negotiate the premium to be paid and an agreement should be reached. You do not pay for the negotiation time of the Freeholder’s surveyor. Payment of the negotiation fee is required.
4. Completion. Your solicitor negotiates the terms of your new lease and the matter is completed and registered at the Land Registry. Payment of the remainder of the agreed premium less the deposit above and the freeholder costs.
The time period from 1-4 above is 6-9 months. If in 3 above the premium cannot be agreed then the matter can be referred to the Tribunal called the First Tier Tribunal Property or (FTTP). This is unlikely and should not concern you at this stage. Our fees do not include preparation or attendance at the tribunal.

No Comments

Post A Comment