Your lease, like many other large purchases you make, is a diminishing asset. You will want to avoid the depreciation in value of your property, and a lease extension reverses this process.
If you have owned your flat for more than two years you are (likely to be) eligible to extend your lease.
The Leasehold Reform Housing and Urban Development Act 1993 (as amended) entitles you to an extension to your lease under the following terms:
A valuation of the property will help determine the reasonable amount of money (the premium) you should pay the landlord for the extension of additional 90 years.
When we calculate the value of the lease, we consider the relevant legislation and case law.
You must also bear in mind that in addition to your own surveyor and solicitor's costs you will also be responsible for the reasonable professional fees of the freeholder.
We regularly negotiate terms for clients and lease extension premiums and costs are usually agreed without dispute. However, if necessary, we are able to provide expert witness evidence before a First Tier Tribunal to assist with the determination of the premiums.
Under the terms of the Leasehold Reform Housing and Urban Development Act 1993 (as amended), tenants must pay the reasonable professional fees of the freeholder.