Leasehold Extensions

If you are thinking of extending your lease or if you are buying a property with a short lease then you need to approach with caution. Most mortgagees will not accept a lease with any less than 75 years remaining but in practice the lease will need extending if it has less than 85 years. The costs vary depending on the value of the flat, what term remains and what the rent is. Premiums vary from £3-4k to £50k. There is a website which will give you a rough idea of the premium here . Every case is different but you can also  expect to pay around £2000 for your own and the landlord’s costs (which you have to meet). So if you are thinking of buying a flat with a short lease and it seems cheap…there is probably a reason! We specialise in lease extensions and we also have a link with a specialist surveyor who can value the property for you (fees will apply). If you would like a formal quote please email us here . You can begin the process by merely negotiating with your landlord or by forcing him to extend the lease by the service of a notice. If you undertake the second option then you must have owned the flat for 2 years or have had the previous owner beging the process which you take over. In any event if you would like to speak to us about the process then it is free to chat. Please email us your number and we will call you or by all means call our offices to discuss and ask for some advice on lease extensions.