Extending The Lease Of Your House
Under the Leasehold Reform Act 1967 you may be entitled to an extension of your lease of 50 years. There is no premium payable for a lease extension of a house granted under the Act, however, at the start of the new 50 year lease the ground rent may increase to a modern rent. Our lease extension solicitors are experts in lease extension of houses in the can advise and help you extend the lease of your house.
Extending the lease of a house is not that common, as people who qualify usually qualify to purchase their freehold too. However, extending the lease is usually cheaper.
To qualify, you must:
- Have owned the property for at least 2 years;
- The original lease must have been for more than 21 years;
- The lease cannot have already been extended.
Whilst it is tempting to seek an informal agreement with the freeholder, they will be entitled to add ground rent increases or extend the lease back to 99 years or 125 years. Using the statutory route means the ground rent will be reduced to nothing and the extension will be your existing term plus 90 years.
Doing things formally also affords you better protection should things go wrong. As long as you have gone down the formal statutory leasehold route, if there are any disagreements in terms of costs or other disputes you can take your case to a property tribunal. There are also time limits with the formal route to lease extension so your freeholder cannot drag their feet. Lease Extension of Houses is a complex matter but our lease extension solicitors can help you through the whole process.
Contact our Lease Extension Solicitors
If you need assistance and advice about extending the lease of your house contact our lease extension solicitors so that we can discuss your requirements.
Please contact our Team by sending an email to us at [email protected] and one of our solicitors shall call you back. Alternatively, please call our lease extension solicitors on 0161 820 8888 for a no obligation discussion.
Call us for a free initial consultation
Extending a shorter lease to a decent length can add thousands to your property’s marketing value. Generally, the shorter the lease, the lower the asking price.
If your lease is under 70 years, mortgage rates may at best increase. It will be virtually unmortgageable under 60, so you will struggle to remortgage. If you want to sell, you’ll probably have to sell to a cash buyer or shift at auction.
The process can take between 3 and 12 months but will depend on how quickly each party acts.
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