If you are one of many home-owners who live in a leasehold property, it is important to understand the full implications of your lease, including its length.
Leasehold sales contracts are typically a feature of divided residential buildings such as a large, older house now converted into separate flats or a purpose-built apartment block. In recent years some property developers chose also to sell many new houses directly to home buyers on leasehold contracts.
In most cases, residential property is sold with long lease periods of at least 99 years, sometimes significantly more, but it is well worth taking the time to check how many years remain on your current lease – when it does run out, legal ownership of your home will revert to the property freeholder, the underlying owner of the building and the land on which it stands.
The value of your leasehold home is very likely to diminish as the term left on your lease decreases and, if you have less than 80 years remaining on your lease, you may find it increasingly difficult to sell your property as time marches on.
Do I have the right to extend my lease?
Most leasehold home-owners have a statutory right to extend their lease. As long as you have owned your property for at least two years and hold a long lease whose term was in excess of 21 years when it was originally granted, you should be legally entitled to extend the lease on your home, which will boost its resale value and give you reassuring security of tenure.
How much will it cost?
You can expect to pay a price for your lease extension, although the amount you are required to pay, the premium, is usually calculated based on a standard formula involving the amount of ground rent you have already paid and the remaining length of your lease.
Enlisting the help of a conveyancing professional to ensure the complex official paperwork is completed on time and accurately at each stage of your application will give you peace of mind and save time in the long-run; procedural errors, missed deadlines or factual omissions can be expensive to correct and could jeopardise the success of your application.
How do I start the process?
We are established residential conveyancing solicitors with full knowledge and experience of all the relevant legal rules, practices and procedures so if you are considering the pros and cons of extending your leasehold term, we are perfectly-placed to help.
Our experts will help you decide whether the time is right for you to extend your lease and, once you have made your decision we can prepare the specialist documentation and conveyancing needed to secure your extension. If necessary, we will take your case to tribunal to ensure your statutory rights prevail – and we will provide clear estimates of our fees and any extra costs in advance, to keep you fully in the picture.
We pride ourselves on providing stress-free high-quality specialist conveyancing services that will serve your best interests efficiently and effectively, achieving your best possible outcome at a reasonable cost and with the minimum of fuss.
For more information on how we can help residential property leaseholders extend the terms of their lease, call us for an informal conversation on 01243 786668, email the property team at firstname.lastname@example.org or contact us directly using the details shown.
George Ide LLP. We’re on your side
“Just a very quick, but nonetheless very sincere and heart-felt thanks on behalf of J and myself for your highly professional and sympathetic help in the house sale/purchase saga – you certainly saved our respective sanities on several occasions when your wise words proved to be the right course of action.”
Nick, Sally, Maddie & Lara, I just wanted to thank you for the excellent service that you all provided in the recent sale and purchase of our home. You made a stressful process a great deal easier, with your prompt responses, ready availability and sound advice. We are very grateful and would recommend you to others. I will complete your feedback form, but just wanted to email my thanks to you directly. Best regardsRichard Clay
The speed from offer to completion surprised everyone we spoke to and more than met our deadline to beat the June Stamp Duty deadline. Well done, absolutely delighted.John Middleditch
Just a note to thank you both very much for your help during the sale of Betty’s apartment. I was pretty stressed about it all, especially after the first sale fell through. But your kindness and efficient follow-up on everything really helped me. I have total confidence in your services and would not hesitate to work with you again. Very best wishes.Sandy
A friendly, helpful and competent service close to home and we felt welcome, relaxed and confident in their hands. Thank you all.Egon & Pamela Frey
You have been a pleasure to deal with and have been so competent, patient, organised and professional. I still cannot believe how stress-free the whole procedure was with you. In stark contrast, I completed today on my house in N Ireland after five (!) months of legal wrangling. I am delighted with the house and, although still surrounded by packing boxes, am making progress. Once again. Thank you for all you did. Kind regards,Elaine Young
Nicholas Smith was highly professional, focused and responsive. He worked to a very tight timetable to
complete the purchase of our house and I would strongly recommend him to prospective clients
It is hard to improve on an existing, excellent service and I have no suggestions to make. I will definitely recommend you and would use your services again.Mr. Philip Oliver
Thank you very much for facilitating the sale of my house in Solva despite all the difficulties of me being in Portugal at the start, and the tardiness of the other solicitors.
It is great that all is completed and I am grateful for your cheerful help.
Nick, Sally and Maddie were excellent throughout the whole process. We are very happy with the service they provided.Nichola Swan and Graham Cropley
Thank you so much Nicholas for the brilliant service you have given is throughout the selling and buying of our properties. You, and Maddie, have been exceptional.Mr and Mrs Holder
An outstanding week – thanks for the speed and efficiency on the two deals you’ve acted on. I just wish all solicitors were as proactive as you.
It doesn’t get much better than this.
Contact Our Friendly Legal Experts Today
For general enquiries or to discuss more specific needs in personal or commercial law please get in touch with a friendly member of our team today.
52 North Street,
West Sussex, PO19 1NQ
61a North Street,
West Sussex, PO19 1NB
St Mary’s Chambers,
59 Quarry Street,
Guildford, Surrey, GU1 3UA
1 Hinde Street,
London, W1U 2AY
Also at 44 North St, Chichester, PO19 1NF Contact Us