If you are planning to extend your lease on a property, you need to find a lease extension solicitor who can assist you. The solicitor will contact the freeholder’s solicitors to discuss your application. They will need to approve your offer before the lease extension process can begin. Once everything is set, the solicitor will register the new lease at the Land Registry. If the landlord doesn’t agree to the extension, you will have to take legal action to get the lease extended.
While you can calculate the value of extending your lease on your own using an online calculator, it is a good idea to get an expert valuation from a lease extension solicitor. A valuation expert will give you a more accurate price and negotiate your best deal with your landlord. Also, keep in mind that the government is implementing revolutionary reforms in the lease extension process, which could save you thousands of pounds. This includes the ban on marriage values, which are not allowed for leases that are less than 80 years.
The process of extending your lease can be complicated, and expert legal advice is needed. A solicitor with experience in this area will know what is required, and will explain all aspects of the lease extension process to you so that you can make the most informed decision for yourself. The solicitor should also be familiar with the leaseholder’s obligations and the value of the property. A lease extension solicitor can help you avoid pitfalls and make sure your extension is done smoothly and on time.
In England, you can extend your lease for a fair price. Typically, a lease will last for 125 years. The 125-year extension will not only be more cost-effective, but it will also be easier to sell your flat after the lease is extended. A lease extension solicitor can help you negotiate the terms of the lease extension and prepare the legal documents needed for the application. In addition to handling the legal process, a lease extension solicitor can connect you with a qualified surveyor in your area. You should choose a surveyor with experience in leasehold property valuations.
Another important role played by a lease extension solicitor is negotiating with the freeholder. If your freeholder refuses your request, the specialist solicitor will negotiate on your behalf and arrange for the extension on your behalf. He or she will handle the negotiations and will represent you at the First-Tier Tribunal (FTT), previously known as the Leasehold Valuation Tribunal. However, if your freeholder doesn’t agree to your extension, a lease extension solicitor will represent you at the First-Tier Tribunal.
As the lease extension process can take three to twelve months, it is important to make sure you schedule plenty of time before the date the lease expires. A well-prepared, experienced lease extension solicitor will be able to cut down the length of the process and ensure your property remains in your ownership. A lease extension can greatly increase the value of your property if the remaining years are less than 80. You should aim to extend the lease for at least 80 years, if the original residential lease is more than 21 years old.