An Accurate Costing To Extend A Lease

If you are thinking about a lease extension, then you may have been following your thoughts with some online research

. If so, you will soon have seen that it is incredibly difficult to try and get an estimation on how much it will ocst you, although it is possibly to gain some rough figures on charges such as legal and valuation.

In fact, you have probably scrolled down through this very article in order to find that keenly anticipated table of prices. Unfortunately, the area of lease extension law is not that simple, and there are many parameters that need to be taken into account in valuing any application for an extended lease.

Admittedly, there are some sites on the internet that you can use to ascertain a 'ball park' figure; however, it will be exactly that: a rough idea of what you can expect to pay to extend a lease. If you carry out any research in this regard, you probably cannot not help but notice that any quoted figure is usually within a price range of a couple of thousand pounds, at best, and sometimes much less precise. Some people may say that this is hardly helpful!

You need to bear in mind that the details of one extended lease will always vary from another. In other words, the price you will have to pay to your landlord for an extended lease are going to be based on a number of variable criteria such as:

The valuation of your property

The ground (peppercorn) rent paid annually

The date in which you moved into your property

The length of time left to run on your current lease

You can probably now see why it is impossible to provide you with an accurate lease extension valuation. This is why it becomes such a necessity to contact experienced professionals; a specialist lease extension surveyor or valuer who will be able to assess your own personal circumstances and inform you of an accurate price for your lease extension, and a specialist lease extension solicitor to deal with the legal side.

Most importantly, you will need to bear in mind how many years you have left to run on your lease. Where your remaining lease periods exceed 80 years, the price you will need to pay to your landlord to extend a lease is always going to be cheaper than if the remaining period drops below the 80 years mark. This is because an additional price factor will come into effect when the remaining term of your lease drops below 80 years: this is known as the 'marriage value' and is an extra premium that you will have to pay to the landlord as part of the price for an extended lease.

by: Tim Bishop

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