Bromley Lease Extension

Homehold provides an end-to-end lease extension service, where we handle your lease extension from start to finish. A firm of solicitors we own - Leasehold Legal Services (LLS), handle the complex lease enfranchisement process. This means you do not have to go through the stress of instructing two different firms and having to project manage the complex process.

While the solicitors in Leasehold Legal handle what’s known as the ‘lease enfranchisement’ process, Homehold handles the valuation and subsequent premium negotiations. We goal is to provide you with a seamless service while also achieving the best premium for you.

Under The Leasehold Reform Housing and Urban Development Act of 1993, Homehold will invoke your right to extend your lease. This is known as a statutory lease extension. The Act bestows the right to an additional 90 years lease extension and also reduces your ground rent to a peppercorn, i.e. £0. It also preserves the majority of the other terms contained in your existing lease.

We have plenty of experience doing Bromley Council lease extensions and private freeholders alike. Therefore, it does not matter if you have a local authority (L.A.) flat or a period conversion that can be found on Thicket and Anerley Roads – where we have carried out several extensions. You can be comfortable knowing that no matter your current situation, we will be able to provide you with a highly rated lease extension service.

Who can extend their lease in the London Borough of Bromley?

Every leaseholder has the right to extend their lease under the 1993 Act with one exception:

• If your flat is part of a shared ownership scheme. In this case, you will have to wait until your ownership has been fully staircased 100%.

It used to be the case you had to have owned your flat for two years. This requirement was removed on 31 January 2025.

How much does a lease extension cost?

There are three main elements the inform the price of a lease extension;

• The ‘notional’ value of your flat, i.e. the price of your flat on the open market if it sold with a long lease,
• The total amount of ground rent you pay and any rises (both how often and how much is rises)
• Where a flat has a lease with less than 80 years remaining, the leaseholder has to pay something called the ‘Marriage Value’. This additional cost splits the hypothetical price increase resulting from the lease extension 50/50 with the freeholder.

Local authority flats tend to have lower premiums than private freeholders, as private freeholders tend to lease flats with high ground rents and short lease length. Furthermore it is often the case that flats in private developments are worth more than ex-L.A. flats – although this does vary. Please do not hesitate to contact us with any queries on this.

What’s the process?

Lease extensions are complex affairs with multiple stages, each requiring expert care. Here at Homehold, we simplify matters for you by handling the entire process from start to finish – from the premium valuation right the way through to completion and registration at HMLR.

Our weekly updates assures you that our experts are taking care of your extension, and our high quality service has earned us top ratings on Google reviews and Trustpilot.

For further info on the process, you can book a free phone consultation with a team member or visit our lease extension calculator.

Stage 1: Preparation and Valuation

The process of your lease extension starts by our in-house lease extension solicitors collecting all the paperwork regarding your flat from the Land Registry. This ensures we have all the relevant legal information about your leasehold flat.

After this has been completed, your case will be passed on to our team of lease extension valuers, who carry out an appraisal of your flat. Once completed, we send over our detailed report which informs you of the likely cost of your extension.

Stage 2: Notice Serving and Negotiation

This stage is handled by the solicitors at LLS who will serve your freeholder with the initial notice (as bestowed by the 1993 Act). Your freeholder has 2 months to respond regarding the terms and the premium. If they deem the proposed figure unacceptable, they are required to provide a new counter-notice figure.

One of our team members will contact you and ask if you are happy to accept this counternotice figure or to start negotiations on your behalf. If you choose to negotiate, we do this with the evidence gathered during the valuation stage.

We negotiate until a premium you are comfortable with is agreed. Lengthy negotiations will not cost you any extra because we work on a fixed fee basis.

Stage 3: Conveyancing and Completion.

Now the premium has been agreed, the freeholders’ solicitor will send over the draft lease to your relevant LLS solicitor. They will check it to make sure that the terms are acceptable from a legal perspective. You will also get the opportunity to check you are comfortable with the terms. Once satisfactory, your lease extension is ready to be registered with HMLR.

What do Homehold charge?

You will be invoiced in three equal instalments of £2,580+VAT, corresponding to each Stage. This amounts to £860+VAT in total.

Why use Homehold for your lease extension?

We have a wealth of experience conducting lease extensions in Bromley – you just have to look at the number and rating of our reviews to confirm. No matter the type of flat, we can handle it.

Hear it from another flat owner in Bromley