How You Can Extend Your Property Lease: A Brief Guide

There are many different types of housing contract available today, whether you’re buying a property outright, securing a mortgage or renting from a landlord. This variety makes it easier to find somewhere to live without the need for large upfront payments and the accumulation of thousands in savings.

An additional option is to choose a leasehold property. This means that you own the property for a fixed amount of time, where you will lease it from the freeholder or landlord. Leasehold agreements are usually set for several decades, with some extending to more than one hundred years.

These leasehold periods can and do come to an end, which can leave you in the lurch if you wish to remain in the property but cannot afford to purchase. But with the help of legal intervention, you may be able to extend your lease to make your circumstances more comfortable. Read on to find out more about the process involved.

Legal Support

The first step to take if you wish to extend your lease is to seek legal advice. Hiring a lawyer means that you will have someone in your corner from the start, which is particularly important if the process is likely to lead to complexities or disagreements.

Professessional Valuation

A specialist should then be called in to provide a valuation for your lease, where this can help with finding a good starting point for negotiations. This specialist will also be able to speak with your freeholder about the cost of the property, allowing you to gather evidence to support your case.

Negotiations

Following the formal valuation, you will then submit an opening offer to begin the negotiation process. The freeholder will typically ask for a deposit at this stage, which should be 10% of the lease cost stated in your offer. Your offer could be accepted quickly, or your solicitor may have to handle several stages of back and forth negotiations.

Tribunal

In some cases, you will not be able to come to a fair agreement with your freeholder. If this does occur, you can choose to apply to a First-Tier Tribunal to resolve the matter. This can be costly and time consuming, where parties will usually agree on an outcome before your case reaches this stage.

Andrew Lee Property Lawyers: Professional Lease Extension Advice & Support

At Andrew Lee Property Lawyers, we provide a wide range of legal services related to housing and conveyancing. In particular, we can provide expert property advice if you wish to extend a leasehold agreement, where we offer support throughout the negotiation process.

Get in touch with us today to speak to one of our expert housing solicitors.