Lease Extension Solicitors in Chester
Our specialist Solicitors frequently help leaseholders to extend the lease on their flat or house, and freeholders to manage extension requests.
Advice for leaseholders:
When should you extend your lease?
When your lease gets to below 90 years you should start to think about extending it. This is because your lease is a diminishing asset – it becomes less valuable as your lease runs out. When you have less than 60, or sometimes 70, years left on your lease it may become very difficult to get a mortgage on your property. This may mean that you can no longer sell your property.
However, if you wait until you only have 70 years left on your lease it will be more expensive to extend it than if you were to do so at 80 years or more.
How can you extend your lease as a leaseholder?
You have a legal right (provided by the 1993 Leasehold Reform Act) to legally request to extend your lease for an extra 90 years if you meet the criteria. Under this act, your ground rent will also be abolished. The legal request is made to your landlord. To make the request you should speak to a Solicitor, who can draft the documents and guide you through the process.
In some cases, your landlord may contact you with an offer to extend your lease. We would advise that you always speak to a Solicitor before accepting this offer. You can learn more about this here.
If you want to extend your lease please contact our specialist lease extension solicitors today on 01244 312306. Our experienced team can help both leaseholders and freeholders to negotiate the lease extension process.
Advice for freeholders:
Leaseholders have a legal right to extend their leases, but freeholders also have a right to a certain level of compensation for this extension.
It is common for the freeholder to receive a notice from the leaseholder. This notice will state a price for the new lease. It is essential that, as a freeholder, you know your rights. For example, your costs should be covered by the tenant and they should co-operate with you on any access to the property in order to establish the landlord’ valuation.
If you receive a notice from a leaseholder or a simple request, you should contact a member of our team today. We will be able to offer expert guidance on the process and how to obtain a valuation.
Contact us today:
For the best leasehold advice please contact one of our specialist solicitors today on 01244 312306, or fill in our contact form here: https://www.oliverandco.co.uk/contact-us/
Call and speak to a lawyer on 01244 312306