Lease Extension Solicitors - Fixed Fee Solicitors

We are specialists in lease extensions and enfranchisement acting for residential leasehold tenants and landlords. We deal with the whole process from start to finish including arranging a survey, serving notices, negotiating the best premium, and drafting the paperwork. Typically the biggest cost is the valuation. This is usually negotiated with the freeholder and will take into account ‘marriage value’.

Fixed fee

The process of extending your lease is expensive and needs to be undertaken by specialist property solicitors. As leasehold property specialists, Holmes & Hills are on the national solicitors' panel of the Association of Leasehold Enfranchisement Practitioners (ALEP).

If you want to extend your property’s lease or the freeholder has issued a notice for a statutory lease extension, it’s essential that you instruct expert property solicitors who can deal with all aspects of the process from start to finish. Otherwise, you could end up with hidden costs that push up your legal fees.

One example of this is the negotiated premium, which is the price you pay to the freeholder to extend your lease. This is calculated using a formula set out in the Leasehold Reform Act 1993. This takes into account various factors including the actual cost of extending the lease, the ground rent, and half of the ‘marriage value’. The resulting premium can vary dramatically and it is important to ensure that you are paying the right amount for your lease extension.

It is also crucial to seek legal advice early in the process to avoid costly mistakes. For instance, if you are a leaseholder you may be tempted by a freeholder offering to extend your lease to 99 or 125 years. This is likely to be significantly less than the 90 years required under the statutory process and could be a red flag that the freeholder is trying to cheat you.

Other potential problems include landlord surveyors who can be quite expensive and the need to register your new long lease at the Land Registry, which can take up to six months. It is therefore advisable to instruct experienced and specialist lease extension solicitors who are able to offer fixed fee quotes for their services. This will help to keep your costs down and avoid any hidden surprises. In some cases, it may be necessary to take the matter to the First-Tier Tribunal, if an agreement is not reached between you and the freeholder. However, if you have instructed specialist solicitors, this should not be an issue.

No hidden extras

When extending your lease, you may be expecting the cost to rise, but this is not always the case. Choosing specialist solicitors and surveyors who work together can reduce the amount you spend on your lease extension. The best option is to instruct a specialist surveyor who can provide you with a detailed RICS lease extension valuation and a lease extension specialist solicitor who can deal with the statutory process including serving notices, surveyor negotiations, and drafting the paperwork required for registration at the Land Registry post-completion.

As a leasehold owner of a property, you are essentially renting it from the freeholder for a term of years set out in your lease. There are a number of benefits to extending your lease, including making the property easier to sell, potentially saving on ground rent payments, and increasing your home’s value. However, extending your lease can be complicated and time-consuming, and the costs of doing so can vary widely depending on a number of factors, including:

The most important consideration is the cost of a new lease, which will be determined by the freeholder using a formula set out in the Leasehold Reform Act 1993. This takes into account a variety of variables, including the number of years remaining on your current lease, the market value of the property, and the marriage value.

You will need to serve a Section 42 Notice on the freeholder in order to extend your lease. This will trigger a two-month period during which the freeholder can refuse your request or propose a new premium. This is when the price you have offered will be tested, and it can take some time for the freeholder to agree on a figure.

Your solicitor will negotiate with the freeholder to achieve a desirable outcome for the lease extension, but this can prove difficult in some cases. If no agreement can be reached through negotiations, your solicitor will prepare and lodge an application to the First-Tier Tribunal for a determination on the issue of premium. Choosing a firm with a fixed fee guarantee will ensure that the final cost is accurate and won’t be inflated by hidden fees.

Expert advice

Lease extensions can be a complicated process, but they do not have to take a long time. Using experienced solicitors, and efficient valuers, and responding promptly to negotiations can significantly reduce the length of time it takes to complete a lease extension.

A specialist solicitor can help you understand the statutory process and negotiate with the freeholder for a satisfactory outcome. They can also help you draft a new lease and ensure that all of the legal requirements are met. In some cases, it may be possible to extend your lease without the need for a tribunal hearing. However, this is rare, and it is best to use a solicitor with extensive experience in lease extensions.

The cost of a lease extension can vary greatly, depending on the complexity of your case and how much your property is worth. A solicitor can explain the different factors that influence the price of a lease extension, and they can help you make an informed decision. A solicitor will also be able to advise you on the right surveyor to choose from, and they can connect you with qualified surveyors.

It is important to begin the lease extension process before your home’s lease runs out. This will help you avoid paying the freeholder a hefty ‘marriage value’ fee and will also make it easier to sell or remortgage your home in the future. Furthermore, extending your lease can remove the ground rent responsibilities that are associated with the property.

Ultimately, it is worth paying the premium for a lease extension. This is especially true for people who are considering selling their property in the near future. A short lease will put off potential buyers and can make the property more difficult to sell.

It is also important to consider that each day you delay getting a lease extension will mean that the process will be more expensive. It is, therefore, best to contact a specialist solicitor as soon as possible. They will be able to give you a clear idea of how long the process will take and how much it is likely to cost. They can also answer any other questions that you have.

Quick turnaround

A specialist lease extension solicitor will be able to guide you through the process of extending your lease, helping to ensure that it is carried out on both favourable and equitable terms. You can choose to negotiate an informal lease extension with your Freeholder, or proceed formally using the statutory process. Both options have their own advantages and disadvantages, but a solicitor who specialises in lease extensions will be best placed to help you make the right choice.

You should also be aware of the other costs involved in a lease extension. These include the lease extension premium, solicitors fees, surveyors’ fees, the freeholder’s legal and valuation fees, and Land Registry fees. It is a good idea to budget for these fees in advance so that you do not get caught out by any unexpected costs.

The biggest cost is the lease extension premium, which is calculated by a professional surveyor. It is important to use a surveyor who has experience in valuing leasehold properties and justifying their valuations in Tribunal cases. The statutory formula for calculating the premium allows for the wide variance in valuations, and it is, therefore, vital to have a surveyor with a track record of successful appeals at the Tribunal.

If the freeholder refuses to agree to the lease extension, your solicitor will serve them with a section 42 notice. The freeholder’s solicitor will then respond to this by accepting your offer, proposing alternative terms, or rejecting it. Once a premium is agreed upon, your solicitor will draft the new lease and complete the Land Registry process.

If you are considering extending your lease, it is important to do so before your remaining lease term falls below 80 years. This is because you will then be liable to pay the freeholder a substantial sum known as ‘marriage value’, which will increase your lease extension cost considerably.