A Lease is a depreciating asset. This means that the value of the lease goes down as the term of the lease dwindles and eventually reverts back to the Landlord. As the term of the lease reduces so does the value of the leasehold property.
However, under the Leasehold Reform Housing and Urban Development Act 1993 residential leaseholders have a legal right to extend the Lease for the unexpired term plus 90 years with no more ground rent.
Despite the name the process does not usually involve extending the existing lease; but rather the surrender of the current lease and the granting of a new lease on the same terms as the previous one.
At Brooks & Partners we can guide you through the process from start to finish whether you are a tenant looking to extend their lease, or a Landlord who has received a tenant's notice exercising their right to extend their lease.
Our service includes:
- Assisting in ascertaining the identity of the relevant landlord and advising on the methods for considering the premium
- Preparing the lease extension notices and arranging service of the same
- Responding to the Landlords Counter notice
- Negotiating the premium (including taking the matter to the first tier property tribunal if required)
- Advising on the Terms of the New Lease
- Registering the new Lease with the Land Registry
- Conveyancing of the new Lease following registration.
Download our Guide to Lease Extensions here or contact us on 01276 681217 for more information.
Solicitors of Choice for: Frimley, Camberley, Aldershot, Farnborough, Fleet, Farnham, as well as the wider Surrey and North East Hampshire areas.