Renewing or extending the lease on a property not only secures ownership into the future – but also helps maintain the value of the property.
The most appropriate time for renewing or extending a lease is usually when there are 80 years left to run on the lease – when a lease drops below 80 years, it usually costs more to renew or extend it because a landlord (freeholder) is entitled to charge more to extend shorter leases, known as “marriage value”.
When renewing r extending a lease, other factors to be taken into consideration include:
Freeholders can be required by law to extend a lease – but although most lease extensions or renewals go smoothly, occasionally there may be problems with a freeholder.
Duncan Lewis property solicitors can negotiate in cases where a freeholder may prove difficult to deal with – and will keep clients informed at every stage of the process.
The process of extending a lease usually takes several months, or even longer in more complex cases.
Duncan Lewis can also advise on lease renewals and extensions which have already been agreed between the landlord and leaseholder, but which still require the statutory documentation to be completed.
Duncan Lewis property solicitors have expertise in all areas of property law, including lease renewals and extensions – and negotiation and mediation in complex cases.
Duncan Lewis is usually able to offer leaseholder a set fee for Lease Renewals and Extensions – as well as a set fee for any initial assessment of a case, so our clients know exactly what they will be paying.
For expert legal advice on Lease Renewals and Extensions, call Duncan Lewis Property Solicitors on 020 7923 4020.