Why It Is Important To Hire A Lease Extension Solicitor

If your lease has come to an end, or you would like to extend it, you need to get in touch with your landlord or freeholder to discuss the options. While informal agreements can be useful, they are risky and can lead to problems down the line. Landlords have the power to decide what terms will be acceptable and what will not. To avoid any misunderstandings, it is a good idea to hire a lease extension solicitor.

A solicitor specializing in lease extensions should be able to offer you advice about what is realistic. They should be able to justify the figures they come up with before the Tribunal. They should also be able to negotiate a premium on your behalf, as the statutory formula differs from property to property. In addition to this, the costs associated with a lease extension vary depending on the length of time that is involved. In some cases, they may also charge for the valuation, which can be quite expensive.

While the fees associated with lease extensions vary widely, they are typically lower outside of central London. Hence, firms outside of the capital can offer the best value for money. When choosing a solicitor, ask them to give you details of the number of years they’ve been dealing with lease extensions. Also, check out how much of their working day is spent negotiating lease extensions. A good solicitor will be able to answer your questions and guide you through the entire process.

A lease extension process can take from three to 12 months. If the process is straightforward, it will take much less time. If, on the other hand, the lease extension is complex, the freeholder may need some time to respond to negotiations. That is why it is important to seek legal advice from an expert to ensure that the whole process goes smoothly. Ultimately, lease extension solicitors should be able to help you get a new lease on your property.

Before extending a lease, tenants must serve a Section 42 notice on their landlord and pay the associated costs. Then, the landlord will consider their offer. Once they agree, both parties can attend to the paperwork associated with lease extensions and register the new lease with the Land Registry. If a lease extension is done correctly, the leaseholder should not face any problems. However, if it is done incorrectly, the landlord could deny it. Therefore, it is important to use a lease extension solicitor to ensure that the process is completed correctly and without pitfalls.

A lease extension solicitor can help you navigate the process from start to finish. Firstly, the solicitor will serve the section 42 notice on your landlord. If the landlord accepts the notice, they will negotiate with you and extend the lease. If you fail to negotiate a suitable deal, you can go to the First-Tier Tribunal. Thankfully, it is rarely necessary. However, if you fail to reach an agreement, the next step is to approach a solicitor who can help you with the legal paperwork.


How a Lease Extension Solicitor Works

In order to extend the lease on your property, you must first obtain a copy of the lease from the Land Registry. A lease extension solicitor will use this information to identify the freeholder of the property and make an informal offer. If the freeholder rejects the offer, your lease extension solicitor will serve a section 42 notice on the freeholder’s property. The lease extension solicitor will then work to finalise the agreement and get it signed by both the freeholder and the tenant.

It’s important to choose a solicitor who has extensive experience in lease extensions, as they can help you with the entire process. In addition, they have specialist surveyors, which means they can justify their valuations to the Tribunal, which is an important part of the process. These surveyors also have the skills to act for both the landlord and the freeholder. The fee they charge for their services will vary depending on the freeholder’s willingness to negotiate.

After the freeholder agrees to the extension, the lease extension solicitor will submit a Section 42 Notice containing the premium calculated by a surveyor. The freeholder may require a deposit of PS250 or 10% of the premium value to proceed with the lease extension. This payment will be returned to the tenant if the extension is successful. A solicitor will work with you to determine the best price for the extension. The landlord may need to pay a deposit before the extension is finalised.

The cost of a lease extension depends on the length of the lease. If the lease has less than eighty years left, the landlord will have to pay a fee according to the marriage value. The fee for a short lease is usually very high. In addition, it is hard to sell a property with a low marriage value. Therefore, many people recommend extending the lease before 80 years. It can add significant value to your property.

A lease extension is a complex process and expert legal advice is crucial. A solicitor should have experience and be a member of the Association of Lease Enfranchisement Practitioners to guarantee you excellent service. There are two routes to extend the lease: the informally negotiated route and the formal statutory route. This route has strict deadlines and certain protections for tenants. You should not attempt this process without the advice of a solicitor.

The process of extending a lease is complex, especially if there are fewer than 80 years left on the lease. The process can be difficult if the landlord is unwilling to extend the lease. Furthermore, landlords are not obliged to grant a lease extension if you have not lived in the property for more than two years. A lease extension solicitor will understand the laws and make sure the process is as smooth as possible. A lease extension solicitor will be your best option for the successful extension of your lease.

As a law firm, Holmes & Hills is a leading lease extension specialist. As such, they are a member of the ALEP national solicitors panel, which gives freeholders and leaseholders confidence in the legal advice of the firm. In addition to being a member of ALEP, Holmes & Hills is also on the national solicitors panel of ALEP, a specialist body of leaseholder enfranchisement practitioners. ALEP vets all solicitors who wish to join its panel.