At Coffin Mew we have experience in dealing with lease extensions. When a lease is first granted, it is granted for a fixed term of years. While this term may be perfectly acceptable at the time, as the years go by the amount of time remaining will reduce and so will its desirability to purchasers and lenders.
We would advise you to seek the advice of a surveyor who will be able to advise you on the likely cost of extending your lease.
There are two main ways of extending your lease. You may do this by a formal statutory route – this route sets out clear guidelines as to how the long the lease is extended for and some of the principal terms. It also provides rules for the process which is to be followed. Alternatively you and your landlord may follow an informal route and agree terms between you.
A new lease will be drawn up to formalise the new agreed lease term and any other terms agreed between you and your landlord. In most circumstances this is prepared by the landlord’s lawyers and approved by lawyers acting on your behalf. At Coffin Mew we have experience acting for landlords and tenants in these circumstances.
Once the wording of the new lease is agreed, you and the landlord will each sign your own copies of the document and it will be dated with the completion date. The leases will be swapped so you will each be holding the other party’s lease. The new lease can then be registered at the Land Registry and the necessary fee will be paid.
If you would like further information please contact us on 023 9238 8021 or fill in the enquiry form.