Homehold provides an end-to-end lease extension service, known as ‘lease enfranchisement’, where we manage your lease extension throughout the entire process. Our valuers handle the valuation and negotiations, while our own solicitors we own, Leasehold Legal Services (LLS) provide their legal service to our lease extension process. Our company’s goal is to give our clients a seamless and effortless lease extension experience while also driving down the cost of the premium.
The 1993 ‘Leasehold Reform Housing and Urban Development’ (or LRHUDA) Act gives leaseholders the right to extend their lease under statutory terms. The Act enables any qualifying leaseholder to receive an additional 90 years to their current lease length and removes your ground rent (your ground rent will become a peppercorn). Most of the terms of the lease will be preserved.
Our extensive experience working in Croydon, from areas such as Coulsdon, Thornton Heath, Purley, South Norwood and Selsdon, and dealing with all types of flats gives you the confidence that we are the right people for your Croydon Council lease extension.
Considering using Homehold for your lease extension in Croydon?
Who can extend their lease in Croydon?
The LRHUDA Act gives anybody who owns a flat has the right to extend their lease.
The most common exception is if you own a shared ownership property.
Since 31 January 2025, the requirement of owning your flat for a minimum of two years was removed.
How much does a lease extension cost?
The cost of a lease extension varies from flat to flat. The three main factors affecting cost are;
- The long lease value of your flat, which is similar to the market value,
- The ground rent you pay and any rises (this includes how often it rises and by how much it rises),
- The number of years currently left on your lease. Something called ‘Marriage Value’ applies to flats with less than 80 years left, and this will make your premium more expensive.
As a general rule, former local authority flats tend to have lower premium payments when compared to private freeholders, largely due to lower ground rent payments and market values when compared to private developments.
We have done lease extensions on a variety of different flats in Croydon, from conversions like those found in Thurston House, ex-local authority flats like the ones on Franklin way to purpose-built flats on Zion Road and Friars Wood.
What’s the process?
Lease extensions are complex, and we require different experts at three key stages. Homehold contains all the necessary experts in-house, allowing us to provide an integrated end to end service, from the valuation to registration at the land registry. Our weekly updates make sure you are never left wondering what stage your lease extension process is at.
Stage 1: Preparation and Valuation
We want to make sure we have everything we need for your lease extension, so the solicitors will start by reviewing all the relevant documents associated with your flat.
The solicitors will then brief our valuation team who will complete a detailed valuation to estimate how much premium we think you will pay. This report will be sent to you.
Stage 2: Notice Serving and Negotiation
The next stage is started by serving a “Section 42” notice on your freeholder under the LRHUDA Act by LLS. This is a legal document that starts your lease extension claim and makes and outlines what you are prepared to pay. This commences a two month period for your freeholder to respond in - confirming if they accept the amount offered. The Act requires them to send a counter-notice confirming terms they do not accept, including a counter premium.
A member of the Homehold team will contact you to conifmr you you want to commence negotiations on your behalf. Negotiations are evidence based, and we will use evidence gathered during the valuation stage to support our position. This will continue until we reach a premium you are prepared to pay, and no matter the length of negotiations you will pay same flat fee.
Stage 3: Conveyancing and Completion.
Stage 3 begins when the premium has been agreed. A draft lease is then sent over from the solicitor acting for the freeholder, outlining the terms of acquisition.
Once the terms are ironed out and you are ready to move forward, your lease extension is ready to be registered at the Land Registry.
What do Homehold charge?
We work on a fixed fee of £2,580+VAT and this includes all the valuation, negotiation and legal work required for your lease extension. It also includes things like postage and Land Registry charges.
Our fee is payable in three equal invoices of £860+VAT.
Why use Homehold for your lease extension?
We have done a wide range of lease extension in Croydon, from converted flats all the way to modern purpose built flats. No matter they type of flat you have, we are confident doing lease extensions in the borough. You only need to check our reviews on Trustpilot and Google to confirm.
Hear it from another flat owner in Croydon
Homehold were fantastic from start to finish. I would especially like to thank Linz who supported me through the whole process. He validated my frustrations and came up with solutions. I would highly recommend them to anyone looking to extend their lease.
Jo Byrne
