Although it is not a legal requirement, we would recommend you appoint a
leasehold valuation surveyor who would provide the "best and worst" case valuation,
to be used in the Notice and possibly represent you at the Leasehold Valuation Tribunal (LVT),
if required. Fortunately most extend lease cases are agreed
without the need of the Tribunals.
When a price has been agreed, the Landlord typically issues a new
lease or deed of variation. At this point you should contact a solicitor
to verify on your behalf any modifications, exclusions or additions
and to correctly register the new lease or deed.
Note: Under the terms of the Act,
with a formal lease extension:
You will be liable for the 'reasonable' legal and valuation costs of the Landlord relative to the Notice of Claim.
You may be required to pay a deposit of 10% of the proposed purchase price or £250; whichever is the greater, immediately following the service of the Notice of Claim.
You should have your finances in place relative to all the various costs that you will incur which would include the eventual price (premium) payable
to extend lease etc.
If for any reason your lease extension application is refused by a mistake on our
part, we will fully refund our fees.
OUR CHARGES AND SERVICES - FIXED FEES, NO SURPRISES
Probably the biggest concern of new clients is that they will have much legal and valuation work performed and then
find that it is not possible to do a lease extension, or that the
purchase cost is excessive for them at present to extend lease.
We solve this concern simply -
At no charge, we will complete the necessary checks for qualification and entitlement - and also perform an estimated
leasehold valuation of the premium that will be payable
for the lease extension. To be able to perform the valuation, we will
just ask you for some basic facts about your flat. The leasehold valuation is based on the discounted ground rent over the existing lease period, the reversion value of the flat and the marriage value of the flat after
the lease extension. After the checks and valuation, you will have a good idea of the purchase price (premium) payable to the landlord. (Note this is an approximate valuation, we would recommend the use of a formal
leasehold valuation to be used
in the Notice of Claim and subsequent landlord negotiations. We can also arrange for a formal independent valuation by an experienced fully qualified
surveyor who specialises in dealing with leasehold valuations.
At this stage, if you wish to proceed, we
will prepare and serve the
s.42 'Notice of Claim' for you, strictly in accordance with your instructions regarding the amount proposed by way of premium and any amendments that may be required. This will be served on the competent landlord (an intermediate landlord may not have the right to extend your lease the full 90 years) and copied to any additional landlords. At this point the Landlord is under strict requirements to respond within a fixed period.
Our fees for the preparation and service of the Initial Notice Of Claim,
deducing Title, and follow-up negotiations are £475. We do not charge an hourly rate, and all fees are clearly specified in writing.
After receiving the Notice of Claim, the Landlord may disagree (strangely
disagree) with the premium offered. Upon your instructions, we will
negotiate on your behalf with the Landlord.
If negotiations fail, we can make an application to the Leasehold Valuation Tribunal (LVT) on your behalf (who will decide the premium payable), although at that point further fees would be payable. We are unable to guarantee any application will be successful or the amount of the eventual premium that may be determined by the Tribunal
for the lease extension. We can arrange for a chartered surveyor to attend the LVT on your behalf
the lease extension.
You will be liable for the 'reasonable' legal and costs of the Landlord relative to the Notice of Claim and the preparation / completion of the new lease (but not Landlord costs which are incurred in connection with any LVT hearing). Please ensure you carefully read our
Terms and Conditions covering this website and our services.
Throughout each stage of the process, we will keep you fully informed. Both by providing detailed descriptions of the process, but also on the progress of each stage. For your convenience, we will provide electronic copies of all documentation.
Call us today on
020 8629 1066 or
click here for no-obligation advice on how to increase the value of your flat
through a lease extension.
^ Back to Top
Lease Extension FAQ