Question 1

How do I know if I can buy my freehold?

Accepted Answer

To buy your freehold, you typically need to have owned your lease for at least 2 years and the building must meet certain criteria. We can assess your eligibility and help you understand the process and costs involved.

Question 2

How much will it cost to extend my lease?

Accepted Answer

The cost depends on various factors including the property value, remaining lease term, and ground rent. We can help you get a professional valuation and negotiate the best possible terms with your freeholder.

Question 3

When should I extend my lease?

Accepted Answer

It's generally better to extend your lease sooner rather than later. Extension costs increase significantly once your lease drops below 80 years due to 'marriage value' calculations. If your lease is approaching 80 years, you should seek urgent advice. Even longer leases benefit from extensions to maximize property value and mortgage availability.

Question 4

What is the difference between statutory and voluntary lease extensions?

Accepted Answer

Statutory extensions give you legal rights to extend by 90 years (flats) or 50 years (houses) with zero ground rent, following prescribed procedures and valuations. Voluntary extensions are negotiated directly with your landlord and can offer more flexibility on terms but no guaranteed outcome. Statutory routes provide more certainty but can take longer.

Question 5

How long does a lease extension take?

Accepted Answer

Statutory lease extensions typically take 6-9 months, including the formal notice periods and negotiation time. Voluntary extensions can be faster (2-4 months) if your landlord is cooperative. Complex cases involving tribunal proceedings may take 12+ months. We work efficiently to complete extensions as quickly as possible while protecting your interests.

Question 6

What is marriage value and how does it affect my lease extension?

Accepted Answer

Marriage value is the increase in property value created by combining the freehold and leasehold interests. It only applies to leases with less than 80 years remaining. You must pay 50% of the marriage value to extend your lease. This can significantly increase extension costs, which is why it's better to extend before reaching 80 years.

Question 7

Can I extend my lease if I haven't owned it for two years?

Accepted Answer

No, you must have owned your lease for at least 2 years to claim statutory extension rights. However, you may be able to negotiate a voluntary extension with your landlord before the 2-year period expires. Alternatively, you can wait until the qualifying period is met, but this may result in higher costs if your lease continues to reduce.

Question 8

What happens if my landlord refuses to extend my lease?

Accepted Answer

If you have statutory rights, your landlord cannot simply refuse a lease extension but can dispute the terms and premium. Disputes are resolved by the First-tier Tribunal (Property Chamber). We represent you throughout this process. For voluntary extensions, landlords can refuse, but we can often negotiate alternative arrangements or pursue statutory rights.

Question 9

Will extending my lease affect my ground rent?

Accepted Answer

Statutory lease extensions reduce ground rent to zero, which is a significant benefit. Voluntary extensions may or may not affect ground rent depending on negotiations. Removing or reducing ground rent obligations can save substantial money over time and make your property more attractive to buyers.

Question 10

Can I sell my property during a lease extension?

Accepted Answer

Yes, you can sell during a lease extension process. The extension can either be completed before sale (potentially increasing the sale price) or the buyer can take over the extension process. We advise on the best approach based on your circumstances and market conditions, ensuring maximum value from your sale.

Question 11

What surveys and valuations do I need for a lease extension?

Accepted Answer

You'll typically need a professional valuation from a qualified surveyor to determine the premium payable. This considers factors like property value, remaining lease term, ground rent, and marriage value. Your landlord will also obtain a valuation. If valuations differ significantly, we can negotiate or refer the matter to tribunal for determination.

Question 12

How do lease extensions work in shared ownership properties?

Accepted Answer

Shared ownership lease extensions follow similar principles but with additional complexity due to the shared ownership structure. You may need consent from the housing association, and the extension premium calculation considers your percentage ownership. We have experience with shared ownership extensions and can guide you through the specific requirements.

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