Homehold is your one-stop-shop for all your lease extension needs where we take care of your lease extension from beginning to end. We aim to get you a fair price on your premium while also providing you with quality and seamless service.
The Leasehold Reform Housing and Urban Development Act of 1993 (also known as the statutory or formal lease extension), which gives you the legal right to extend your lease by 90 years while reducing your ground rent to £0 and keeping the other terms in your lease pretty much same.
We do this in conjunction with our in own solicitor firm - Leasehold Legal Services. The solicitors handle the legal Lease Enfranchisement process while we at Homehold handle the leasehold valuation of your flat and subsequent premium negotiation.
We cover any type of leasehold, including ex-local authority developments such as Dyer House, purpose-built developments such as Kevin court and Manor Court, and converted properties on roads such as Whitton Road. We have already completed lease extensions in all of these developments. No matter the type of flat you own we have the expertise needed to do an excellent job with Richmond upon Thames Council lease extensions.
We are not limited to just the London Borough of Richmond Upon Thames area we have worked with different local councils and private freeholders around England.
Considering using Homehold for your lease extension in Richmond upon Thames?
Who can extend their lease in Richmond-upon-Thames?
Anybody who owns a leasehold flat in the Richmond-Upon-Thames area can extend their lease.
The notable exception to this is:
- You purchased your flat under the ‘shared ownership scheme’ and you have not bought a 100% of the shares for your flat.
It used to be the case that you had to own your flat for two years. This requirement was removed on 31 January 2025.
How much does a lease extension cost?
The cost of a lease extension varies from flat to flat as all flats are not the same. However, it boils down to these three major factors:
- How much your flat is worth,
- The number of years left on your lease- when the unexpired term of your flat falls below the 80-year mark, you will have to pay your freeholder an extra fee called the ‘marriage value’, and
- How much ground rent you pay and how much it increases by.
Flats with private freeholders tend to have a higher premium when compared to flats with local councils as their freeholder. This can be attributed to the fact that private freeholders tend to lease out flats with short leases and high ground rent.
You can use our lease extension calculator or book a free phone consultation with someone on the team, who will explain the process to you in detail.
What’s the process?
Homehold is a covers the entire process in-house, so you can rest easy knowing we have all parts of your lease extension process covered from the valuation right up to registration at the Land Registry. And with our weekly updates, you are never left wondering what stage your lease extension is at.
First Stage: Preparation and Valuation
To prepare for your lease extension, Leasehold Legal Services will get all the paperwork associated with your flat and the development from the Land Registry and review it. This will give us a clear and complete picture of your property.
Once this is completed one of the lease extension valuers from the Homehold team will conduct the valuation of your property, which enables us to send over a detailed report outlining the basis of our valuation and a range of how much you should be prepared to pay as your premium.
Second Stage: Notice Serving and Negotiation
The next stage will be handled by the solicitors at LLS who will serve your freeholder with the ‘Section 42 Notice’. This document states your legal right to extend your lease and how much you want to pay for it.
Your freeholder has two months to respond to this notice if they accept the price you want to pay. If they do not accept you will be contacted by one of the Homehold team to request your permission to commence negotiations. We will negotiate until you are happy with the price, no matter how long it takes and at no extra cost.
Third Stage: Conveyancing and Completion
After the premium has been agreed, your freeholder will send over the amended lease to our in-house leasehold extension solicitors-LLS who will look through to make sure that the only major changes to your lease are-the term has been extended by 90 years and your ground rent is zero pounds. They will also review any other lease terms contained.
Once this has been looked through and is satisfactory, your lease extension is ready to be registered at the Land Registry.
What do Homehold charge?
Homehold charges a fixed fee of £2,580+VAT, this fee is paid in three equal instalments roughly corresponding to each of the above stages, of £860+VAT.
Why use Homehold for your lease extension?
Homehold is passionate about providing seamless and quality service. So, you can be rest assured that we will apply that same passion to your lease extension.
Hear it from another flat owner in Richmond upon Thames
We successfully extended our lease with the help of Linz and his team at Homehold. They are increidbly knowledgeable, thorough and supportive throughout the entire process. They make everything very simple and explain each step clearly and transparently. It has been a pleasure to work with them and they are worth every penny! I would not hesitate to recommend Homehold if you are looking to extend
Selin Taylor
