We have carried out hundreds of lease extensions over the last 10 years and we can help you achieve your goal in the most effective way, when buying your freehold or buying a lease extension.
Provided that you have owned your property for at least 2 years and your lease was originally granted for 21 years or more, you will have the right to buy an extension of your lease by 90 years on top of the unexpired term of your existing lease.
For instance if your lease currently has 68 years left to run, after extending under the 1993 Act it will have 158 years. The existing ground rent under the lease will be cancelled out and there will be no ground rent to pay under the new lease.
This is sometimes called a ‘peppercorn’ ground rent, legally speaking this represents the fictional payment of a small item of value, (the peppercorn), although in reality no payment can or will be demanded.
The amount that you will have to pay to extend the lease depends on a number of factors, mainly, the length of the current lease, the ground rent payable (and whether this is subject to any review) and the current value of the property.
Our team of expert lease extension solicitors have been working on these types of cases for nearly 15 years and no matter who is on the other side of your transaction, we will not be taken by surprise and will take all the necessary steps to protect your interests at all times. All work is carried out by lease extension solicitors and is supervised by a partner.
The calculations need to be carried out by a specialist valuer or surveyor experienced in this kind of work. The surveyor will also be able to negotiate the premium that is paid with the representative of the landlord once the formal lease extension process has been initiated.
We can recommend numerous highly experienced professional valuers throughout Prime Central London, Greater London and the South East and have strong contacts with the leading barristers in this field should we need to fight any contentious cases.
If your lease has less than 80 years to run, this will have a further impact on the amount that you will have to pay because of a factor known as ‘marriage value’ which forms part of the calculations. If you own a property where the lease is approaching 80 years in length you should consider taking action now to lock in the value in your home and prevent the value of the lease diminishing further. Anecdotally, the cost of extending the lease can almost double once marriage value becomes a factor in the calculations.
We handle lease extension cases on a daily basis, whether terms are agreed or there is a dispute. We are used to dealing with claims in the First-tier Tribunal where necessary. Gabriel Alterman, our senior partner, has dealt with claims in the Upper Tribunal and the Court of Appeal.
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