Lease Extension Fact Sheet

Lyndales SOLICITORS LEASE LLAUL EXTENSION FACTSHEET When to extend your Lease? 80 FOR SALE years If your lease is approaching 80 years remaining or less. You are considering selling the property in the near future You want to maximise the value of the property. The best time to extend your lease is before it reaches 80 years or less. Once the remaining lease term is below 80 years, the Landlord is entitled to claim 'marriage value' which will increase the premium you will pay. The more years left on your lease, the lower the premium will b. To increase value. Why? To reduce ground rent to nothing l'a peppercorn rent"). To remedy any lease defects. Do 1 Qualify? As long as you: Own a long lease (over 21 years) You have owned the Property for at least 2 years You are entitled to a statutory lease extension. Identify the How? competent Serve formal notice requesting a 90 yr lease extension for a reasonable Instruct a Surveyor Your solicitor will then prepare the Notice requesting a Lease Extension landlord premium £ fff f f £ £ Landlord's reasonable Your own Once the Notice has been served, the Landlord is entitled to for paying his request pay- ment of a 10% deposit (being 10% of the amount offered for the lease extension). legal and surveyor's fees If referred to Tribunal, the Landlord becomes legal and surveyor's fees responsible Own fees from that point How to pay? Lease extensions can be Bxpensive. Make sure you have sufficient funds available. Cost depends on the length of lease remaining, the proper- ty's value and ground further amounts for rent payable. Some Once terms are agreed you will have a maximum of 2 months to complete the lease extension. mortgage providers will lend lease extensions. Failure to do so can result in the landlord refusing to complete and you may have to start the procedure again, although you will till have to pay the Landlord's legal and surveyors fees incurred in addition to your own. I 6 - Instruct your solicitor to prepare and serve the formal Notice 5 F Contact Landlord to see if prepared to extend without notice 4 - Instruct a solicitor to check your Lease 3 - Think about financing for the lease extension 2 F Instruct a surveyor to value the lease extension T - Get a copy of your lease 1 - How to start? lyndales.co.uk