Top 5 Problems With Lease Extension

If you are only just starting to research the procedures involved in lease extension

, this article aims at providing you with 5 of the most important facts to get the ball rolling:

1. Who needs to consider lease extension?

The people who need to think about whether or not they need to extend a lease are those who live in or own a leasehold property [with a lease which was originally granted for at least 21 years] and have owned the property for more than two years.

2. Can I extend a lease on my own?

The law does not state that you have to appoint professionals to assist you with a lease extension. However, as this area of law can prove to be something of a minefield to the uninitiated, it is highly recommended that you appoint two separate professionals for such a transaction: a valuer (who will help you to work out what the fairest price will be for the lease extension); and a specialist lease extension solicitor to oversee the statutory obligations that will be pertinent throughout the entire process.

3. How much will it cost to extend a lease?

This really is the $64,000 question and the shortest answer is that you will not know exactly how much it will cost to extend a lease until the valuer gets involved in your case. It is their job to work out exactly how much it should cost for you to have an extension on your lease. Certain websites may be able to provide you with a very rough estimate of the cost, but this will often be within a bracket of a couple of thousand pounds - it's best not to rely on such a rough computer-based estimate - when it comes to negotiating your landlord, you do need a specialist surveyor on-board.

4. What happens if I am not able to identify my landlord?

This often transpires to be one of the biggest causes for concern with people that are looking to extend a lease. Your lease extension solicitor will be able to help you identify who is your 'competent landlord' and there are a few ways in which they can carry out such a search. With this in mind, try not to worry about this.

5. I have many decades left to run on my lease: do I need to be concerned about lease extension?

Absolutely! It is a fact that the longer you have left to run on your lease, when you request a lease extension, the less it will cost you to do so. It is when the lease has less than 80 years left to run that you should definitely start to worry. This is where an additional payment (known as the 'marriage value') will become relevant and this will push the cost of your lease extension up quite considerably.

by: Tim Bishop

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