Why Specialist Legal Advice Is Essential In The Lease Extension Process

One positive feature of achieving an extension on a lease is that this will more

than likely increase the value of the property if it were to be sold

Though there is no obligation to do so it is always best that the leaseholder secure the assistance of a specialist lease extension solicitor when seeking to extend the lease on the flat. A solicitor who specialises in this particular field will be available to advise the client on points of law, give advice and assist in negotiations with the freeholder.

The solicitor's negotiations with the freeholder could be crucial. This is especially so if the freeholder wants to drive a hard bargain. A lease extension solicitor will be familiar with such discussions, and will approach them in a professional manner while ensuring his client's interests are foremost.

A potential sticking point in any negotiations is usually the cost of the lease extension. While some freeholders are quite reasonable over such matters and will require only a reasonable price - if anything at all - there are those who will try and make as much as possible out of the deal. This is where the solicitors negotiating skills come to the fore.

Before entering any discussions it is worth having the property valued to find out how much it is worth. The valuation takes into account the resale value of the property and the loss to the freeholder, the freeholder's interest in the property, rental income and extra facilities - such as a garage.

It is very important that the valuation is carried out professionally and this can be arranged by the lease extension solicitor.

Should the negotiations prove fruitless the next step will be to go to a LVT - Leasehold Valuation Tribunal. However, this will only serve to delay the process, so it is always better to come to a resolution during negotiations with the freeholder than have to go the LVT.

Should the leaseholder require the extension of the lease to be completed quickly, such as if he wants to sell the property with the lease increased, he may have to seriously consider paying the freeholder more than he originally intended. Otherwise it is advisable to hold out in negotiations and even be prepared to go to the LVT if need be.

Whatever the outcome, the services of a solicitor, professionally competent in lease extension, is essential. There are benefits to be gained from extending the lease and seeking specialist legal advice.

by: Tim Bishop

POST COMMENT

Your Legal Rights When Making A Head Injury Claim Corporate Law Attorney's- To Save Save You From Legal Disputes! Points For Consideration When Choosing Legal Illustration Miami Immigration Lawyers Provide Assistance To People That Wish To Avoid Being Illegal Immigrants Car Accidents, Unpleasant Experiences Require Proper Legal Assistance Los Angeles Personal Injury Attorneys - A Quick Manual On This Legal Scenario For Long Term Referenc Produtos Chineses: Importe Sem Burocracia Legalmente In What Ways Can You Check The Legal Status Of A Courier Service? An Indication Upon Personalized Government Legal Liability Only The Best Attorney Can Offer You Great Legal Advice Marshall Wisniewski Is A Legal Professional With Varied Achievements Meso Law Firm Provides Legal Help For Mesothelioma Victims Tips For Veterans: How To Choose An Asbestos Lawyer To Protect Your Legal Rights