If you are looking for a solicitor who specialises in lease extensions, you have come to the right place. The process of extending a lease is complex, and it is important to make sure you follow all the correct procedures. You may be selling your property and need to arrange a lease extension. In either case, our lease extension solicitors can help you get your property extended for no extra cost. They offer jargon-free advice and competitive rates.
If you wish to extend the lease of your property, the first step is to contact your freeholder. Once you’ve contacted them, you can negotiate the terms and price of the extension. If you don’t get a response after a week, you can consider contacting the Leasehold Advisory Service. If you don’t reach an agreement, you can try to contact your mortgage lender and request help from a lease extension solicitor. The lease extension solicitor will also make sure your mortgage lender has approved the lease extension. Once everything is agreed, the solicitor will finalise the lease extension and register it with the Land Registry.
After obtaining the right to extend the lease, you must inform the freeholder of your intention to extend your lease. You can do this informally or by pursuing the statutory route. If you have two years’ worth of ownership on your property, then you have the right to apply for a lease extension. A lease extension solicitor can also help you sell your property and increase the value of your property. However, make sure to use a solicitor who specialises in lease extensions.
Your solicitor should have considerable experience in valuation. He or she should be able to produce a detailed report detailing the premium that the leaseholder has to pay. Understanding the valuation process is important because this can have a significant impact on the negotiations. Many solicitors refer the valuation process to a surveyor, which increases the overall costs of the entire process. Your solicitor should be able to keep the process under control and keep costs to a minimum.
A good lease extension solicitor will be able to negotiate a premium for the landlord based on a statutory formula. This premium is calculated based on the property’s value, and should be negotiated in advance with the landlord. During the process, you should be aware of the legalities of lease extensions. Your solicitor will also know how to conduct the valuation, which is essential for a successful lease extension. Your solicitor should also know how to approach the freeholder for a premium if you need to make changes.
The cost of a lease extension solicitor varies considerably, but the cost is generally lower outside of London. The North of England and small towns are likely to be a better value option. Make sure that you ask key questions to get a feel for their experience in lease extensions. If the solicitor doesn’t have enough experience in this field, it is best to look elsewhere. That way, you can be assured that you will be getting a good deal.