We will guide you through the process
We specialise in assisting leaseholders to navigate their way through the lease extension process and ensure all the necessary steps are completed to successfully extend your lease.
Why should you extend your lease?
When you purchase a flat, you effectively rent the property from a freeholder. Typically, the lease lasts between 99 and 125 years, but it can last longer.
You shouldn't let your lease get below 80 years. If your lease expires, you could lose the property or may be required to pay the landlord monthly rent, regardless of whether you 'own' the property and are a landlord yourself. Similarly, a short lease will reduce the value of your property when it comes to selling and could make re-mortgaging more expensive or impossible
A lease extension is the process required to reinstate a long lease on your property – usually an additional 90 years on top of whatever remains of your current lease. The sooner you extend a lease, the less it costs. The amount can increase substantially once there are less than 80 years remaining on your lease, so it is essential to act quickly.
You shouldn't let your lease get below 80 years. If your lease expires, you could lose the property or may be required to pay the landlord monthly rent, regardless of whether you 'own' the property and are a landlord yourself. Similarly, a short lease will reduce the value of your property when it comes to selling and could make re-mortgaging more expensive or impossible
A lease extension is the process required to reinstate a long lease on your property – usually an additional 90 years on top of whatever remains of your current lease. The sooner you extend a lease, the less it costs. The amount can increase substantially once there are less than 80 years remaining on your lease, so it is essential to act quickly.
How to extend your lease
Before you submit a lease extension application, you need to find out the likely cost, which means having the property valued by a qualified surveyor. Most reputable surveyors will give a best and worst-case scenario for the premium to give you a full picture of the likely costs involved, together with advice on the figure to be inserted within the initial notice.
At Morgan Sloane, we can undertake negotiations on your behalf or merely assist you should you decide to do that part yourself. If you would like to manage negotiations yourself, you should be aware of the range of figures at which it would be appropriate to settle.
At Morgan Sloane, we can undertake negotiations on your behalf or merely assist you should you decide to do that part yourself. If you would like to manage negotiations yourself, you should be aware of the range of figures at which it would be appropriate to settle.
Ready to extend your lease? Contact us to start the process.
Are you a freeholder who's received a leasehold request? Click here for leasehold extension management.