Extending the lease of your property can seem like another unnecessary cost, but with lenders less likely to approve mortgages on short leases, buyers unwilling to purchase properties with short leases, and increased premiums on leases under 80 years, it is an investment that could pay off significantly in the long-term.
There are two ways to extend the Lease. The simple way is for the tenant to contact the landlord directly and agree on the premium (based on an estimate obtained by a mutual surveyor). Once the premium and the length of extension are agreed, both parties will instruct their respective solicitors and will enter into a Deed of Variation or Surrender and Regrant thereby extending the lease. The Tenant’s solicitor will then apply to the Land Registry to register the new Lease.
How can Linley & Smith Solicitors help?
Extending a lease is not a straightforward process, so it is important to seek advice from professionals with extensive experience in acting for both leaseholders and freeholders.
Our specialist property team can guide you through each step of the lease extension process, including:
Advising on the different types of lease extensions
Negotiating any premiums
Reviewing the current lease terms and proposing any necessary changes
Providing advice on securing a property valuation using our network of property professionals, including surveyors
Registering the extended lease with the Land Registry
