If you are planning to extend the term of your lease, you should contact a lease extension solicitor to handle the process. They are qualified to handle the whole process, and can also assist with the lease valuation. They work alongside specialist surveyors and the Property Chamber (Residential Property) to provide you with advice on the property. Their team can also handle the negotiations with the freeholder, who will need to approve the new lease before it can be registered at the Land Registry.
The Ministry of Housing has announced reforms to the leasehold system, which will allow leaseholders to extend their leases by up to 990 years without having to pay ground rent. These reforms will make the leasehold system fairer for all property owners, and a lease extension solicitor will be able to give you advice on the implications of the changes. If you wish to extend the lease term of your property, the process may be more complicated than it first appears.
First, you must serve your tenants with a notice. The notice will specify how much you are willing to pay for the extension, and whether you are required to pay a deposit. If the landlord does not agree, the process may go ahead. A lease extension solicitor will guide you through the process and negotiate on your behalf. If this does not work, you can go to a First-Tier Tribunal, but it is not necessary in most cases.
The fees for lease extensions vary widely, but the cost of living in the North of England is generally lower than in central London. As a rule, lease extension solicitors in smaller towns and regions are better value for money. Ask them about their experience and whether they deal exclusively with lease extensions. If they have a lot of experience, this is a good sign. They will be able to advise you on how to negotiate a better price.
A lease extension solicitor will prepare the necessary legal documents and arrange a specialist surveyor. This surveyor must be qualified and experienced in leasehold extensions. The solicitor will also prepare your Notice to your landlord, and make sure that you meet the tight timetable. The solicitor will ensure your application gets the attention it deserves. It is worth investing in a professional lease extension solicitor and take care of the legal process. There are numerous advantages to using the services of a lease extension solicitor.
When you choose a lease extension solicitor, you will be able to benefit from their expertise in this area. The first step is drafting an initial notice. This notice sets out the process of lease extension. It lays out the valuation date, puts forward an offer price and registers the contract at the Land Registry. The landlord will have 14 days to accept or reject the tenant’s request. Finally, the lease extension solicitor will finalise the lease extension.