8.1.2021
Leasehold Reform: Should I still be...
The first questions to address for most leaseholders are: What is a lease? And, when and why should you consider...
Read moreLease Extension Calculator
Get an estimate using our lease extension calculator
How much will it cost you to extend your lease?
Lease extensions are one of a collection of leasehold enfranchisement rights available to tenants of leasehold properties. Lease extensions can increase the value of properties including flats, apartments and houses as well as provide more security to you as a tenant.
The first step in the lease extension process is having a valuation carried out to assess the likely premium payable. Even if you decide to proceed with a voluntary lease extension we would advise you to still take valuation advice to make sure the premium your freeholder is voluntarily offering is a “good deal”. Our lease extension calculator will help you make a decision.
Instruct an experienced valuer in the enfranchisement field to get reliable advice. It is also important to highlight that when making an offer under the 1993 Act the offer must be a bona fide offer – i.e. a genuine offer. An expert valuer will be able to advise what offer should be made and the lease extension calculator below is just a guide.
Use the lease extension calculator below to obtain an indication of the premium that may be payable for your lease extension.
For further advice or to discuss any queries you may have, please call us and ask for our specialist lease extension lawyers Guy Osborn or Amber Larner-Bird
“Both Amber and Rachael were far more than their jobs required – couldn’t have done this without their expertise and kindness”
"Guy has been so helpful. He responded promptly to my queries, explained things clearly, no jargon, and has been warm and human throughout. I felt well supported and would recommend Osbornes to anyone looking for legal help, their service is excellent and fairly priced."
Professional and communicative throughout the process of becoming a Freehold Company and having a share of said freehold. Both Amber and Siroop spoke in plain English and were most efficient and pleasant to deal with.
Amber was fantastic from start to finish. Efficient, clear and professional. Will certainly be calling on her again.
Guy and his team assisted me with a new lease venture and were an absolute pleasure to work with. A professional & knowledgeable team who offered fast and excellent advice. Highly recommend their services
Lease Extensions FAQs
Does a landlord have to extend a lease?
There are two options when extending a lease – a voluntary agreement with your freeholder(s) or a statutory lease extension where you rely on the right to be able to extend your lease granted in the Leasehold Reform, Housing and Urban Development Act 1993.
A voluntary lease extension – involves you coming to an agreement with your freeholder in regards to the term and premium for extending your lease. There are no set terms the freeholder has to give you and their terms do not have to be “fair and reasonable”. In your circumstances, your freeholder may not be unreasonable or difficult to deal with. We would highlight that freeholders do not have to grant voluntary lease extension and a freeholder may simply say “no” or advise you to extend by serving a notice under the 1993 Act.
A statutory lease extension – as long as you have owned a property for over two years you have the right to extend your lease by 90 years and reduce your ground rent to £nil. As long as you meet the criteria for extending under the 1993 Act a freeholder must grant you a lease on 1993 Act terms.
Can my landlord refuse to extend a lease?
A landlord does not have to extend your lease on a voluntary basis (although they may agree to do so so it is usually best to at least approach your freeholder to make some initial enquiries). However as long as you meet the criteria for extending under the Leasehold Reform, Housing and Urban Development Act 1993 your landlord cannot refuse to extend your lease.
How much does it cost to extend a lease?
The first step in the lease extension process is having a valuation carried out to assess the likely premium payable. Even if you decide to proceed with a voluntary lease extension we would advise you to still take valuation advice to make sure the premium your freeholder is voluntarily offering is a “good deal”.
Instruct an experienced valuer in the enfranchisement field to get reliable advice. It is also important to highlight that when making an offer under the 1993 Act the offer must be a bona fide offer – i.e. a genuine offer. An expert valuer will be able to advise what offer should be made. You can use our lease extension calculator as a guide.
Is the lease extension process different if I already own a share of the freehold?
As freeholders, you are able to extend your leases out of the freehold to 999 years. The procedure involves a deed being drafted, agreed, signed by each leaseholder and director of the freehold company/each freeholder if the freehold is held in your names and then registered at the land registry. If you are looking to extend your lease as a freeholder or co-freeholder you should extend discussing your leases as a group as in practice you usually require each other’s consent and signatures.
Where can I obtain and copy of my lease?
If you need a copy lease and you have a mortgage on your property a copy can usually be obtained from your mortgage lender. Your freeholder may also have a copy of your lease and be able to provide you with this.
Alternatively, the Land Registry will hold a copy although a fee will be payable, please visit http://www.landregistry.gov.uk/.
