Lease Extension Solicitors
If you have bought a flat or maisonette on a leasehold basis, your lease will have a ‘term’, which is the length of time which you own the lease. Technically, once this term is over, the lease of your flat or maisonette would return to the freeholder.
If your lease has less than 85 years left on the term, it is a good idea to negotiate a lease extension. The less time left on a lease, the less value a leasehold property can have and the more expensive it will be to renew the lease.
Our expert property solicitors are experienced in negotiating lease extensions with freeholders on behalf of our clients. As part of your lease extension, we will negotiate the new length of the lease, the new rent and the amount that you pay your landlord for the lease extension.
If you would like to purchase the freehold of your building, you may be able to do so jointly with the other flat owners in your building. Leasehold enfranchisement can provide flat owners with more control over their building, and can also be a valuable selling point when it comes to selling your flat.
In order for you to jointly purchase your freehold, you and the other participating flat owners will need to have owned your property for two years or more and have a lease term of more than 21 years.
Leasehold enfranchisement is a complex area of property law, and the process has strict timetables and procedures that must be followed.
If there are many leaseholders involved, or if terms cannot be easily agreed, leasehold enfranchisement can be very complicated and difficult to negotiate. Getting the right advice from the outset with experienced legal professionals is very important, but with the skilled help of our property team, it need not be difficult or stressful.
We are highly experienced in advising on leasehold enfranchisement and other residential lease related issues. We pride ourselves on providing uncomplicated, practical, and expert advice to our clients.
Generally speaking, a leaseholder has the right to extend their lease when they have owned it for two years or more.
Once a lease term falls below 80 years, it becomes far more expensive to extend due to a premium called ‘marriage value’, which will be owed in addition to the extension premium. The value of the property will decrease and the ability to sell will become much more difficult the longer you wait to extend your lease.
If you’re concerned about the time left on your lease, speak to our friendly property team for bespoke advice.
The less time left on your lease term, the less valuable your leasehold property. It can be difficult to sell leasehold properties or secure a mortgage with a low lease term as most lenders will require 85 years or more on the lease term. It is also more expensive to extend your lease the longer you wait, so don’t delay.
Burt Brill & Cardens have been incredibly helpful taking us through the journey of lease extension with minimal fuss and pain. We had heard how difficult and cumbersome it was to extend a lease. Definitely this was not our experience with Burt Brill & Cardens Solicitors being in charge.