The Extension Process Explained Step-By-Step
It all starts with a friendly conversation.
If you think you need to extend the lease on your leasehold property, just give us a call.
You can reach us directly on +44 (0) 300 400 3279.
As soon as you get in touch, we will provide you with the support and guidance you need.
Indeed, here at Leasegevity, it’s our aim to make extending your lease quick, easy and cost-effective.
To do that, we take care of almost every step of the process so you can be confident every element is covered.
We do all the hard work, so you don’t have to.
Understanding The Extension Process
Before we do anything else, we’ll talk you through the process and offer free initial advice on what the best course of action might be, depending on your particular situation. At this stage we’ll figure out the specific situation with your lease and if there’s the need for an extension. If you don’t have a copy of your lease then don’t worry, we will locate a copy of the lease from Land Registry.
Once we’ve established what needs to be done, we’ll draw up terms of engagement so we’re able to act on your behalf.
This is important as it allows us to contact the freeholder and any other party we might need to speak to without having to bother you. It saves you a lot of stress and complication.
The next stage is working out the likely costs involved. Lease extension calculations can be complex and contain many variables. We will calculate what we feel to be the likely cost (valuation range) and offer advice on a suitable initial offer to the freeholder (initial offer).
Again, this is all on us.
We do all the hard work so you don’t have to, including drawing up the specific legal notice that needs to be served and dealing with the responses received.
Once we’ve established the value of your property and have estimated an accurate and appropriate valuation for the lease extension, (called a premium) we’ll contact the freeholder on your behalf.
At this stage we prepare and issue what’s called a Section 42 Notice.
The freeholder has two months to accept our offer (or otherwise). If they don’t accept it, they’re able to challenge it with a counter offer by returning what is known as a Section 45 Notice.
In most instances, we hope for our offer to be accepted – we’re experts in the field and are usually able to predict the appropriate level. But in any case where renegotiation is required, we are able to take care of this for you too.
Once both parties agree the lease extension premium, we work with experienced legal partners to complete all the necessary paperwork and arrange payment.
After that, your lease extension will be complete.
Though there are a number of stages involved and numerous legal documents to complete, it’s important to remember that we’ll take care of all of the difficult elements for you.
Here at Leasegevity it’s our aim to help make extending the lease on your property as simple as it can be.
So, if you believe your lease might be approaching a critical stage and you need to extend it – don’t hesitate to get in contact with us.
Like we said before, it all starts with a friendly conversation…
And we can begin that conversation today – just call us directly on +44 (0) 300 400 3279 .