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.