If you have any questions about extending your lease, don’t hesitate to get in touch with us.
You can contact us direct on +44 (0) 300 400 3279 or contact us online here. But before you do, below we’ve outlined some of the questions we get asked most frequently. You might find our answer to one of these could help clear up some confusion for you.
The vast majority of flats in the UK are leasehold. If you own a flat it is more than likely you own a leasehold property. You may also have received requests from a freeholder for a ground rent or service charge payment. But if you’re still not sure, here at Leasegevity we can check whether your property is leasehold on your behalf.
You can check this information on the original lease provided to you when you acquired your property. Most leases are originally for a term of 99 years, 125 years or 999 years. At Leasegevity we can calculate how many years are remaining on your lease on your behalf.
The sooner you extend the lease the cheaper it will be. In particular the cost escalates significantly once there are less than 80 years remaining on your lease.
The cost to extend your lease will depend on a number of factors including the value of your property, the ground rent that you pay and the number of years remaining on the lease. At Leasegevity we can provide to you specialist advice on the cost involved.
There is often difficulty in selling a leasehold property – particularly if the lease is short (less than 80 years). At Leasegevity we can offer you all the advice you require regarding a lease extension.
The process can take 8-10 months but it depends entirely on how efficiently the claim is managed. Here at Leasegevity we’ll always strive to make the process as efficient as possible so it’s resolved quickly.
If you are a qualifying leaseholder and your buyer does not require a mortgage it is possible to serve a Section 42 notice and assign the benefit to your buyer. This means they can continue with the lease extension without having to wait two years to qualify. Here at Leasegevity we can offer all the advice you need in such cases, so don’t hesitate to get in touch.
There may be circumstances where your lender will refuse to offer you a re-mortgage due to the lease length being short. At leasegevity, we can offer advise on how to extend your lease to be able to re-mortgage
Leasegevity can negotiate the terms of a lease extension outside of the Leasehold Reform, Housing and Urban Development Act 1993, however, these terms can often be less favourable as they are not governed by law.