Leasehold Extensions
Extending your lease can sometimes be a bit of a headache, but not with Chesworths.
The total cost of extending your lease will depend on the value of the property, the number of years left on the lease, the annual rent, and the value of improvements made to the property by the leaseholder. A lease extension valuation is often a very complex calculation open to negotiation or decision by a tribunal.
Whilst you can figure out an estimated cost of buying more years (this is referred to as the premium you pay to the freeholder for the extended years), by using our lease extension calculator we can help you to approach a valuation surveyor with experience to ensure you’re not paying too much for your extension.
For an accurate estimation of your lease extension, we recommend calling our team who can put you in contact with a Chesworths lease extension specialist.
As well as buying additional years on your lease, you will also have to pay:
Land Registry Fees
The cost of legal advice from your chosen solicitor
Your freeholder’s legal and own valuation costs
The cost of an extension valuation report from a surveyor
At the moment, the government is planning to amend the lease extension process, making it easier for all involved. However, it is expected to be several years before these laws actually come into place.
Do I really need legal advice and expertise before extending my lease?
Yes. Whilst it may seem easy to enter into an informal negotiation concerning your lease, this will usually result in you having to pay thousands more for a lease extension than if you were to make formal arrangements.
Whilst an informal lease extension can seem tempting and attractive as there are no legal fees, the freeholder can make changes to the small print for their own benefit. Examples of this include retaining your ground rent.
For a free estimate and professional advice, contact Chesworths today.