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Lease Extension Solicitors & Lease Extension Advice

Lease Extension Solicitors

Lease Extension

As a home owner, it makes financial and practical sense to have a good understanding  of the terms of your lease. The lease contains a lot of information, it is very important to know the  the number of unexpired years you have left on the lease, this is known as the “Term”. At the end of the Term , the property reverts to the ownership of your landlordunless you decide to assert your legal right to extend the lease.

Lease extension process

The Leasehold Reform, Housing and Urban Development Act of 1993 gives the leaseholder a right to extend their lease by a further 90 years once they have owned the property for 2 years, however a buyer may take advantage of the Sellers period of ownership and avoid waiting for 2 years. Lease renewal or leasehold extension is a legal process. For this reason, it is advisable to seek lease extension advice from specialist lease extension solicitor, if you are considering undertaking a lease extension agreement. If an agreement cannot be reached with your landlord the terms may be decided by an application to the Property Tribunal.

Length of Lease

Generally, if your property has a short lease, its value can be reduced by thousands of pounds however, extending a leasehold property should  add to its value.  Ideally you will seek to extend before the lease falls to 80 years, for after this period the leasehold extension cost becomes considerably more expensive.

Renewing leasehold

If you are considering a leaseextension, first check the remaining Term of your lease. You should then appoint a solicitor who specialises in Leasehold Enfranchisement to check that you qualify. Your solicitor together with a specialist surveyor will guide you through the lease extension process. Note that the lease extension process has very strict deadlines, so you must have your finances in place, to move quickly when required.

When you complete, your property details will be appropriately amended at the Land Registry.

Voluntary Lease Extensions

Some landlords are willing to agree to lease extensions outside of statutory terms and this can lead to a costs saving. We will normally approach the landlord at the outset to see if they are willing to agree to a voluntary lease extension.

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Introducing Your Lease Extensions Legal Team

Osbornes has an experienced team of specialist lease-extensions lawyers to assist with your case / situation

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Camden

Livery House, 9 Pratt Street, London NW1 0AE
Tel: 020 7485 8811 Fax: 020 7485 5660
DX Number 57053 Camden Town

Hampstead

28A Hampstead High Street, Hampstead, NW3 1QA
Tel: 020 7485 8811 Fax: 020 7485 5660

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