Why do you need a solicitor for a lease extension?
A legal professional such a solicitor or licenced conveyancer plays a key role in the final stage of your lease extension.
Once the “premium” (a posh word for price) has been agreed with your freeholder you need a solicitor to update your lease to reflect its new length and ground rent.
With a statutory lease extension your lease will be extended by 90 years, and your ground rent will be reduced to £0. You need a solicitor to make sure these changes are made correctly.
Sometimes freeholders use a lease extension as an excuse to try and add extra wording to your lease – for example adding additional fees or obligations. You need a solicitor who has experience in lease extensions to ensure that this does not happen.
Your solicitor will also handle your payments to the freeholder and register your updated lease with the Land Registry.
At what point do you need a lease extension solicitor?
You need a lease extension solicitor at the point at which you’ve agreed a price with your freeholder.
If you're not yet at this point you don't need a solicitor: you need someone to do a valuation or negotiate the price of your lease extension.
I've not yet negotiated a price - what should I do?
If you’ve not yet agreed a price with your freeholder one of the following is probably true:
- you've not yet started your lease extension - you're just doing your homework
- you need to get a valuation to understand how much you should pay for your lease extension
- you want to negotiate the price of your lease extension with your freeholder
We can help:
At Homehold we offer a fixed-price lease extension service which involves everything from:
- Stage 1: Estimating what you should for pay your lease extension
- Stage 2: Negotiating the best price with your freeholder
- Stage 3: Overseeing solicitors to extend your lease
Instead of you having to coordinate different people for each stage, we look after your lease extension from start to finish. Our mission is to make the process as inexpensive, as smooth and stress-free as possible for you.
You’ll deal with a single point of contact here at Homehold who will look after your case on your behalf.
Our fixed-price lease extension service costs £1,950+VAT from start to finish.