Streathers has a very active and well known property law team and one of our specialisms is advising clients on extending leases.
The law recognises that the decreasing term of a lease makes it difficult for leaseholders to sell their properties. Many mortgage lenders are now insisting that such leases are extended before they will agree to lend mortgage monies to fund a purchase of a flat with a short lease.
Residential long leaseholders have a statutory right, in certain circumstances, to obtain a new lease for a price. This is known as a lease extension.
The timescale involved from start to finish invariably depends upon the parties and their willingness to accept a fair and reasonable price. It can take a minimum of 6 months even if the parties are keen to reach a reasonable agreement.
Lease extension legal fees
We provide experienced lease extension advice. Our fees are tailored to recognise the different options and likely outcomes. In the majority of cases, the landlord and leaseholder reach agreement and complete the lease extension. If the matter becomes protracted and terms cannot be agreed without recourse to the Tribunal, we ensure that you are fully aware of your legal costs at every stage.
If you need solicitors in London who provide expert, competitively priced lease extension advice and services, we are an excellent choice. Please do get in contact.
Meet the lease extension team