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My Experience With Lease Extension

By Tim Bishop

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Published: 27Feb2012
Word count: 510
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Having lived in my leasehold property for over three years, I had heard a number of snippets of information from friends and family who suggested that I should look into the possibility of lease extension.

Whilst not all people had their facts correct, in this regard, one main point seemed to be filtering through: the fact that it is always best to have as long a period to run on the lease as possible. Moreover, the better-informed friends of mine seemed to be suggesting that the cost to extend a lease will increase the longer I leave it.

Having concluded that this was definitely worth looking into, I decided to take the matter further and approached a specialist lease extension solicitor. It turned out to be the best thing I could do. My chosen solicitor ran through all the pertinent points that I need to bear in mind, when looking to extend a lease. They set out the order of procedures that could be expected along the way; including when and where certain other factors may become involved (e.g. if the landlord were to disagree with the suggested valuation for the lease).

My solicitor also made it clear that a specialist lease extension surveyor would be responsible for putting the main offer together, which in turn, would be forwarded onto the landlord for their consideration. My solicitor even put me in touch with a specialist surveyor. Unfortunately, the landlord found issues with the first offer and sent back a counter-notice for us to respond to. My lease extension solicitor had all of this in-hand and reminded me of the fact that this very eventuality was set out to me in the first consultation.

The surveyor and lease extension solicitor seemed to work together very well on this counter-notice; in fact, they managed to get the landlord's quote down quite considerably from what they were asking for. I was quite sure, at that time, that I would not have had the know-how to negotiate such a good deal and this made it clear to me why professionals need to get involved with lease extension.

After a little more to-and-throwing, the lease extension paperwork was finally put together and the solicitor took some considerable time in running through all of the details. They explained that when you extend a lease, there is legislation in place that must be adhered to for the whole process to be completely legal and above board.

The solicitor also stressed that had I left extending my lease for just a few more years, when there would be less than 80 years left to run on the lease, this would have presented me with a much more substantial cost to renew. I think they said something about a 'marriage value', but as this was not applicable to me at the time, I didn't take too much notice. Obviously, I much preferred to just pay what I had to, to extend my lease.

Are you considering an application or a Lease Extension? If you are, make sure you contact us a specialist Lease Extension Solicitor at Bonallack & Bishop first.

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