The cost to extend your lease is dependent on the value of your property, the number of years left on the lease and external factors such as expected returns from investments. However, it is open to negotiation and decisions can be made by a tribunal.
Here is how you can extend your lease with the help of a lease extension lawyer.
The Process Of Extending Your Lease With A Lease Extension Lawyer
The first step is to tell the freeholder that you want to extend your lease and go down the statutory route.
Next, you should hire a lease extension solicitor who is an accredited member of the Association Of Lease Extension Practitioners. They will help you get quotes and compare costs to make an informed decision.
Following this, investing in a valuation surveyor will provide additional help. These professionals know all about leasehold extension legislation and the local property market. In some cases, the lease extension lawyer you hire will be able to introduce you to reliable surveyors they have contact with.
Once you have done your research, it is time to make a formal offer. During this process, you will have to provide tenants notice which your lease extension solicitor can take care of.
It is then time to pay the deposit if it is needed by the landlord. Usually, this will amount to 10% of the lease cost in the tenant’s notice. When a deposit is required, you will need to pay the deposit within 14 days.
The final step is to negotiate a price and you can allow your lease extension lawyer to sort this out. If an agreement cannot be reached, you will need to apply for a First Tier Tribunal. This can be very expensive and drawn-out so you and your lease extension adviser should do everything you can to reach a deal with the freeholder.