Lease Extensions

istockphoto_11049141-english-homesAt Brian Gale Surveyors we specialise in residential lease extensions and enfranchisement across London and the South East. Our chartered surveyors have worked in the industry for over 25 years, building an excellent reputation for the services and advice we offer across the property sector. If you need professional representation for a lease extension claim, our experts can help.

Our qualified team will cut through the confusion of the lease extension process, to provide you with all the information you need about lease valuations, the application process and what to do if you cannot reach your freeholder. Each of our lease extension specialists can liaise with landlords on your behalf and secure a fair price for your agreement.

Choosing a Brian Gale surveyor will take all of the pain out of the lease extension process. In most cases, we provide our customers with a current lease valuation, before advising on the best way to proceed and working to negotiate the appropriate compensation with your freeholder’s surveyor. If you have specific requirements, such as a surveyor providing an initial appraisal rather than a detailed valuation report, we are happy to work to these instead.

Call our office today to make an appointment and see how Brian Gale Surveyors can help you.

At Brian Gale, we frequently work with clients in and around the following areas:

Chelsea Dorking Fulham Guildford Tunbridge Wells
London Notting Hill Reigate Sutton

 
If you would like professional advice about applying for a lease extension or responding to an extension request as a freeholder, please contact us. Our experienced team will be more than happy to answer any questions you may have about the lease extension or enfranchisement process and can provide representation for tenants and landlords.

Lease Extensions FAQs

What can be done about a short lease?

Whether you are living in a property with a limited number of years left on its lease or are looking at purchasing one, it’s important to know that the freeholder is legally obliged to extend the remaining term upon your request.

Providing the initial lease was for at least 20 years, a leaseholder that has lived in their home for two years or more can apply for their contract to be extended by 90 years. Not only does this lease extension prevent the property ownership from reverting back to the freeholder but will eliminate ground rent payments and add significant value to your home.

How do I get a lease extension?

As long as you have owned the property for two years, there are two ways for you to get an extension to your lease. Firstly, you may be able to arrange a private contract with the freeholder. To do this, you or your solicitors will need to contact the freeholder for their extension terms and price. Alternatively, you will need to serve the freeholder a “Section 42 Notice”, pursuing your legal right to a lease extension.

The exceptions to this entitlement are if:
• The lease is a business lease
• The leaseholder has a long lease sub-let on their property
• The property is within a cathedral precinct
• The property is owned by the Crown or National Trust
• The freeholder is a charitable housing trust, which is providing the flat as part of its work

HOW MUCH DOES A LEASE EXTENSION COST?

Lease extensions typically cost several thousand pounds, including the costs of your own surveyor and the expenses of the freeholder’s party. While there is no legal requirement to hire surveyors, the professional experience they offer will help you achieve a fair deal and an accurate valuation of the lease in question.

Be aware that these costs will substantially increase as the lease gets shorter, particularly once the term falls below 80 years. This is because the freeholder can then claim the “marriage value” of your property, where the additional value created by the lease extension gets split between you and the freeholder.

On a flat costing £200,000, a lease extension at 90 years will cost you approximately £7,500 including surveyor fees. Compare that to around £8,500 to extend at 85 years (at which point you will add significantly more value back onto your home), or an estimated £16,500 for an extension at 70 years.

Can I get a lease exentsion if I have not lived in the property for two years?

If you are negotiating the purchase of a property with a short lease, find out if the sellers are currently eligible for a lease extension. If they are, you can request that they start the lease extension process and transfer the benefit of the extension to you upon completion of the sale. Once you take ownership, you can continue the process.

Where you have already moved into a property with a short lease, you may wish to contact the freeholder to make a private arrangement regarding a lease extension. However, they are not legally obliged to grant you an extension until you have lived in the property for two years.

What happens if the freeholder doesn’t respond, or I can’t get hold of them?

In this instance, your solicitor can apply for a “Vesting Order” through the Court. Providing you are eligible for the extension, the Court can grant you a lease extension in the freeholder’s absence and maintain responsibility until the freeholder returns.

Why choose Brian Gale Surveyors?

At Brian Gale Surveyors, we have extensive experience working with leaseholders and freeholders across Greater London. When appointing one of our team to assist with your leasehold extension process, you can be assured of an accurate lease value assessment and a fair deal in the negotiations with the other party’s surveyor. Leasehold extensions are worth thousands of pounds, so hiring a professional is the best way to get the best value out of the process and ensure that your extension agreement offers long-term value, whether you’re a landlord or a tenant.

For more information about leasehold extensions, send us an enquiry or call us on 01737 245947,

Contact us today to find out more about our lease extension services

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