Top 5 Tips To Consider When Extending Your Lease
Mike Brown, can advise on the following:
- 1. Check the term – if you are close or below 80 years then you need to act fast as something called marriage value will be added on to premiums with a term below 80 years.
- 2. Check that you qualify to be entitled to serve a s.42 Notice and consider instructing a local surveyor/valuer to assess the reasonable premium applicable. If a s.42 Notice is served with an unrealistic offer then it is deemed to be invalid. Furthermore, please be minded that the surveyor/valuer will require access to your property to undertake the valuation.
- 3. Review invoices/letters from Landlords and have these ready for your Solicitor – this will ensure that when the Solicitor prepares the s.42 Notice that it is served on the competent Landlord and at the correct address.
- 4. Be aware that once a s.42 Notice is served, the Landlord can request 10% of the premium as a deposit so it is advised to have your finances ready.
- 5. Stick to the deadlines – although the solicitor will advise you of these it is important that you are available and ready to proceed when required as failure to do so could deem the Notice to be automatically withdrawn.
If you would like to discuss any further aspect in relation to Lease Extensions please contact Mike Brown on 01276 681217 for more information.
Mike Brown is also an approved member of the ALEP (Association of Leasehold Enfranchisement Practitioners) and can provide expert advice on Lease Extension and Leasehold Enfranchisement claims.