Loveitts are widely acknowledged as local experts in the complex field of leasehold enfranchisement matters. Extending your lease can be a long and complicated process, that if you are not careful, can end up costing you more than is necessary. Loveitts are here to help you throughout every step of your lease extension.

We have compiled a list of answers to some of the questions we are frequently asked in relation to lease extensions below.

FAQ's

Can I extend the lease of my flat?
If you have owned the flat for over two years (regardless of whether you have lived in it) and your property meets certain other criteria, you have a statutory right to a ninety year lease extension under the leasehold reform act.
How long does the process take?
This very much depends on how willing the freeholders/their representatives are to settle the matter. There are statutory timescales in place to prevent undue delay, however in our experience the process can take up to 6-12 months.
Do I need a solicitor?
Yes; whilst Loveitts will deal with all aspects of the valuation and negotiation (including serving notices under the act) you will need to instruct a competent legal professional once the terms of the lease extension have been agreed.
How much will the extension cost?
This differs on each and every case. Once instructed by you, we will provide you with a best and worst case scenario to enable you to be fully aware of the potential costs. Under the act, you will also be liable for the freeholder’s reasonable costs which are limited to their valuation and legal costs.
When should I extend my lease?
The shorter the lease gets, the more expensive it will become to extend, especially once the lease falls below 80 years. Mortgage lenders are becoming increasingly reluctant to lend on properties with less than 70 years remaining on the lease, and so a short lease will affect the saleability of your property which in turn can decrease its value - so there really is no time like the present!
What happens if I don’t extend the lease of my flat and the lease expires?
If the lease on your property expires, your interest in the property would revert back to the freeholder. The freeholder can then serve a prescribed notice on you to either gain possession of the property or propose an assured periodic tenancy, where you pay a monthly rent.
How do I begin the progress?
Contact us! To enable us to advise you fully it would be helpful if you could have details of your lease and ground rent available.