Lease Extension Solicitors
Choose us for quick, cost-effective lease extensions with exceptional customer care and prompt responses.
Managing leasehold contracts is important for both property owners and freeholders. At Triangle Legal Services, our leasehold extension solicitors focus on making the lease renewal and extension processes straightforward and efficient.With extensive experience supporting both freeholders and leaseholders, we protect your interests and make the process as smooth as possible.
What are leasehold contracts?
A leasehold contract means you own the property but not the land it stands on. Currently, these contracts usually last 99 or 125 years. As a leaseholder, you must pay ground rent and sometimes service charges to the freeholder. It’s important to understand these terms to avoid any future issues.
The new Leasehold and Freehold Reform Act 2024 will change this. When it takes effect, it will allow lease extensions of up to 990 years for both houses and flats, making the process easier and cheaper. Until then, the current rules remain in place, so leaseholders must follow the existing terms and obligations.
Why do I need help with a new lease or with lease renewal?
Leasehold contracts can be legally complicated, involving various legal and financial aspects that need careful handling. If you are buying a residential property with an existing lease or need to renew or extend a lease for a leasehold property, we recommend seeking expert advice to avoid unforeseen costs or legal issues.
Engaging a property leasehold solicitor, such as Triangle Legal Services, ensures that all aspects of the contract are thoroughly reviewed and that your rights are fully protected. This professional support can save you time, reduce stress, and potentially save money by avoiding common pitfalls.
Contact our leasehold renewal or extension solicitors today to see how we can support you with your lease.
Choosing a Leasehold Renewal or Extension Solicitor
Selecting the right solicitor for your leasehold renewal or extension will greatly affect your experience and the lease cost. Triangle Legal Services stands out as the best choice due to our commitment to speed and cost-effectiveness.
Our team works efficiently to handle your case promptly, saving you both time and money.We pride ourselves on exceptional customer service, ensuring quick responses to emails and calls. With Triangle Legal Services, you can trust that your lease renewal or extension is in capable and responsive hands.
The Lease Renewal or Lease Extension Process
Once you have chosen our lease renewal solicitors, the process begins. Here are the typical steps:
- Initial information gathering: We’ll review your current lease and goals.
- Contact the freeholder: You need to inform the freeholder of your intention to extend or renew the lease. If you can’t find them, our team can help you to contact them.
- Appoint a valuation surveyor: You need an experienced valuation surveyor for leasehold extension valuations. If you don’t have one, we can recommend a trusted expert.
- Valuation and negotiation: Your property will be thoroughly valued to determine the premium for extending the lease. The surveyor will provide a value of the property, the ground rent (annually), the Marriage Value, and any improvements that the leaseholder has made that might impact the value of the leasehold. This survey will prepare us for negotiations with the freeholder about the premium you will pay.
- Serving notice: We will serve notice on the freeholder, which includes an offer of what you are prepared to pay to extend your lease based on the valuation.
- Paying deposits: Some freeholders require a deposit of either £250 or 10% of the lease costs in the tenants’ notice if that exceeds £250.
- Negotiation of the cost of the extension: We’ll negotiate the lease extension price and keep you informed.
- Drafting and signing: Once terms are agreed upon, we’ll draft the new lease and ensure all legalities are covered before signing. This includes checking for any hidden clauses or additional costs that might arise.
Leasehold Property FAQs
When should I extend my lease?
It’s best to take action before the lease falls below 80 years. Once a lease falls below this threshold, the cost of extending it increases due to the addition of “marriage value”—an extra charge reflecting the increased value of the property with a longer lease.
Having a lease with more than 80 years remaining is generally more attractive to potential buyers and can preserve or even enhance the property’s market value. Acting early can save money and simplify the process.
How long can I renew my lease?
Right now, leaseholders must usually own their property for at least two years before they can extend their lease or buy the freehold. The standard extension terms are 50 years for houses and 90 years for flats.
However, the new Leasehold and Freehold Reform Act 2024 will change this. It will make the process cheaper and simpler when it comes into force. One major change will be the increase in the standard lease extension term to 990 years for both houses and flats. This will remove the need for frequent renewals.Until the new law is active, the current rules apply. Extending your lease for any duration will boost your property’s value and offer long-term security.
As a leaseholder, can my request to extend a lease be refused?
Under the Leasehold Reform, Housing and Urban Development Act 1993 (LRHUDA), if you qualify as a leaseholder, then you have the right to extend your lease. Your freeholder cannot refuse this request. However, they are allowed to dispute the premium offered in the leaseholder’s notice. This means that while they must agree to extend the lease, they can negotiate the amount you pay for the extension.
The new Leasehold and Freehold Reform Act 2024 (which is still due to come into force) further supports leaseholders by simplifying the extension process and reducing the potential for disputes. This includes removing additional costs that freeholders could impose during disputes.
Do I need to own the property for two years to renew or extend the lease, or buy the freehold?
Under current lease law (Leasehold Reform, Housing and Urban Development Act 1993), leaseholders typically need to have owned their property for at least two years before they can extend the lease or buy the freehold. This requirement applies to both flats and houses, ensuring that leaseholders have a vested interest in the property before making significant changes to the lease terms or ownership structure.
However, once fully enacted, the Leasehold and Freehold Reform Act 2024 will remove this two-year ownership requirement. This change aims to make the process of extending leases and purchasing freeholds more accessible to new leaseholders, allowing them to secure their property interests immediately upon ownership.
How much does it cost to extend the lease?
he cost of extending a lease can vary significantly based on factors such as property value and the remaining lease term. Costs typically include the premium, legal fees, and valuation fees. Once we have reviewed your lease’s specifics, we can provide a more accurate estimate of how much your lease extension will cost. By instructing us, you can be confident that the process will be handled promptly and efficiently.
The premium is usually the most significant cost in extending a lease. It is wise to invest in a reputable surveyor to assist with negotiations and ensure you get a fair price. If you don’t already have a surveyor, we can recommend trusted professionals to help you.
Why is the marriage value important in lease extensions?
Marriage value is the increase in property value when a lease is extended, especially if the lease has less than 80 years remaining. This added value is split between the leaseholder and the freeholder, making the cost of extending the lease higher. It’s an important factor for leaseholders to consider if you want to maintain or increase their property’s market value.
The Leasehold and Freehold Reform Act 2024 changes this by removing the marriage value requirement. This will make lease extensions simpler and cheaper, helping leaseholders avoid significant extra costs associated with shorter leases.
How long does the lease extension process take?
At Triangle Legal Services, lease extensions may take between 3 to 12 months. We advise you to start the process in plenty of time so we can complete the lease extension before the remaining period of the lease goes below 80 years.
The exact duration depends on several factors, including the complexity of negotiations with the freeholder, the time required for a thorough property valuation, and the completion of necessary legal procedures. Our experienced team diligently streamlines the process, ensuring efficient communication and prompt handling of all steps involved.By choosing Triangle Legal Services, you can expect a professional and timely approach to your lease extension needs, minimising delays and ensuring a smooth process.
What happens if my lease runs out?
At Triangle Legal Services, we recommend beginning discussions and taking action several years in advance to ensure ample time for valuation, negotiations, and completing all legal formalities. Proactively managing your lease ensures that you maintain your property rights and avoid the complications of an expired lease.
Check out our helpful guide about what happens if your lease expires and what your options are.
It’s best to take action before the lease falls below 80 years. Once a lease falls below this threshold, the cost of extending it increases due to the addition of “marriage value”—an extra charge reflecting the increased value of the property with a longer lease.
Having a lease with more than 80 years remaining is generally more attractive to potential buyers and can preserve or even enhance the property’s market value. Acting early can save money and simplify the process.
Right now, leaseholders must usually own their property for at least two years before they can extend their lease or buy the freehold. The standard extension terms are 50 years for houses and 90 years for flats.
However, the new Leasehold and Freehold Reform Act 2024 will change this. It will make the process cheaper and simpler when it comes into force. One major change will be the increase in the standard lease extension term to 990 years for both houses and flats. This will remove the need for frequent renewals.Until the new law is active, the current rules apply. Extending your lease for any duration will boost your property’s value and offer long-term security.
Under the Leasehold Reform, Housing and Urban Development Act 1993 (LRHUDA), if you qualify as a leaseholder, then you have the right to extend your lease. Your freeholder cannot refuse this request. However, they are allowed to dispute the premium offered in the leaseholder’s notice. This means that while they must agree to extend the lease, they can negotiate the amount you pay for the extension.
The new Leasehold and Freehold Reform Act 2024 (which is still due to come into force) further supports leaseholders by simplifying the extension process and reducing the potential for disputes. This includes removing additional costs that freeholders could impose during disputes.
Under current lease law (Leasehold Reform, Housing and Urban Development Act 1993), leaseholders typically need to have owned their property for at least two years before they can extend the lease or buy the freehold. This requirement applies to both flats and houses, ensuring that leaseholders have a vested interest in the property before making significant changes to the lease terms or ownership structure.
However, once fully enacted, the Leasehold and Freehold Reform Act 2024 will remove this two-year ownership requirement. This change aims to make the process of extending leases and purchasing freeholds more accessible to new leaseholders, allowing them to secure their property interests immediately upon ownership.
he cost of extending a lease can vary significantly based on factors such as property value and the remaining lease term. Costs typically include the premium, legal fees, and valuation fees. Once we have reviewed your lease’s specifics, we can provide a more accurate estimate of how much your lease extension will cost. By instructing us, you can be confident that the process will be handled promptly and efficiently.
The premium is usually the most significant cost in extending a lease. It is wise to invest in a reputable surveyor to assist with negotiations and ensure you get a fair price. If you don’t already have a surveyor, we can recommend trusted professionals to help you.
Marriage value is the increase in property value when a lease is extended, especially if the lease has less than 80 years remaining. This added value is split between the leaseholder and the freeholder, making the cost of extending the lease higher. It’s an important factor for leaseholders to consider if you want to maintain or increase their property’s market value.
The Leasehold and Freehold Reform Act 2024 changes this by removing the marriage value requirement. This will make lease extensions simpler and cheaper, helping leaseholders avoid significant extra costs associated with shorter leases.
At Triangle Legal Services, lease extensions may take between 3 to 12 months. We advise you to start the process in plenty of time so we can complete the lease extension before the remaining period of the lease goes below 80 years.
The exact duration depends on several factors, including the complexity of negotiations with the freeholder, the time required for a thorough property valuation, and the completion of necessary legal procedures. Our experienced team diligently streamlines the process, ensuring efficient communication and prompt handling of all steps involved.By choosing Triangle Legal Services, you can expect a professional and timely approach to your lease extension needs, minimising delays and ensuring a smooth process.
At Triangle Legal Services, we recommend beginning discussions and taking action several years in advance to ensure ample time for valuation, negotiations, and completing all legal formalities. Proactively managing your lease ensures that you maintain your property rights and avoid the complications of an expired lease.
Check out our helpful guide about what happens if your lease expires and what your options are.
We offer expert advice on renewing and extending leasehold contracts.
Contact us today to learn more about how our leasehold renewal solicitors can support you.