The clock is ticking
When did you last check how much time is remaining on the lease of your flat?
Did you know that many mortgage lenders will refuse to lend if they consider the lease is too short? In some cases this is 85 years, but the shorter the lease becomes, the fewer mortgage lenders will be willing to lend. This will affect the value of your flat and your ability to sell.
Once the remaining term drops below 80 years, the price you have to pay to extend the lease of your flat will start to rise more sharply. Extending your lease before it drops below 80 years is likely to be cheaper, but you can acquire a lease extension no matter how short your lease has become.
Extend by 90 years
Extending your lease not only preserves the value of your flat, but it ensures that you can sell it quickly and smoothly when the time comes.
Legislation gives you the right to extend your lease by 90 years.
“Thank you Mike and Chelsey for your diligence and ready accessibility; we really appreciated that.” MA, August 2018
Lease extension solicitors
Exercising your right to a lease extension is a technical procedure with traps for the unwary and you should only use experienced solicitors. By choosing BLB Solicitors you will:
- use experienced, specialist solicitors who will ensure you avoid the pitfalls;
- maximise your chances of getting the very best deal;
- be kept informed throughout the process.
We work with a network of specialist surveyors who are well versed in the legislation. It is important to use the right surveyor who understands how best to calculate the price (known as the premium) that you have to pay for the lease extension. However, at this stage, to give you a good general indication of the likely premium, there is a very useful calculator available on the Leasehold Advisory Service’s website. A link is available here.
“Thank you Mike, you made what seemed to us a daunting process really straightforward. Please also pass on our thanks to Chelsey and Carrie.” KL, July 2018
Lease extension cost
No lease extension is the same because lease wording and of course flat values vary greatly. Also, at the outset it is not possible to predict how your landlord/freeholder will approach the claim, which can affect the amount of work involved and therefore your costs.
However, it is important that you are aware of all of the likely costs involved so that you are in a better position to make an informed decision as to whether to proceed. For that reason we always strive to make costs as transparent as possible.
Even if you are just considering the possibility of extending your lease, we would encourage you to contact us for an informal, no obligation discussion. This will enable us set out for you as accurately as possible an indication of the likely costs involved, including:
- the premium;
- surveyor’s fees;
- legal costs;
- Land Registry Fees;
- Mortgage Lender’s Fees (if applicable);
- Stamp Duty (if applicable).
It is also important to remember that the legislation obliges you to pay certain of the landlord’s expenses associated with dealing with the procedure and we can advise you what you will need to budget for these.