A statutory lease extension adds 90 years to your lease in return for a one off payment to your landlord. As leasehold properties are effectively wasting assets that reduce in value by the day, it often makes sense to extend leases sooner rather than later. The solicitors of Housing and Property Law Partnership (HPLP) can help you.
The Benefits of Extending Your Lease
There are two primary benefits to extending your lease:
- Protecting your investment: Your leasehold property loses value each day the lease becomes shorter. A lease extension puts a stop to that, and should maintain and in some cases lead to an increase in the value of your flat.
- Easier sale: As the number of years left on a lease decreases, your lease becomes harder to sell. This is because most lenders do not accept short leases so most purchasers cannot buy your flat without a longer lease. They may also expect a substantial discount on the purchase price. Extending the lease overcomes this issue.
The cost of extending your lease rises significantly when the current lease drops below 80 years – even by a day. So, if your lease has 80 years or more to run, act now and pay a reduced premium.
Does my flat qualify?
If you are considering a lease extension, the first two questions you need to ask yourself are:
- Have I owned my flat for at least 2 years?
- Is it a "long lease" – meaning was it originally granted for more than 21 years?
Why choose HPLP?
Obtaining a lease extension is a distinct area of the law. Many firms do not have the required expertise. Mistakes can happen if the correct procedures are not followed.
Our solicitors are recognised experts in handling lease extensions. We successfully complete several lease extensions every day for tenants and landlords. Our work is recognised by Association of Leasehold Enfranchisement Practitioners (ALEP) of which we are accredited members and LEASE, the government-funded website.
We also offer you free initial advice of up to a half-hour and fixed fee estimate so you know what you will be charged should you choose to pursue a lease extension with us.
To learn about your rights and options for pursuing a lease extension, contact our firm to speak with Ash Oberoi or Shamin Kashem for free and discuss your situation in greater detail.
