Sutton Lease Extension

Mo Miah | May 2024

We are lease extension specialists whose goal is to get you a fair price while providing you a simple seamless service. We do this with the assistance of our in-house legal firm, Leasehold Legal Services. LLS handle the complex and niche leasehold enfranchisement law, whilst we at Homehold handle the necessary valuation and negotiation work. This way you can rest easy knowing all areas of your lease extension are covered.

We have worked on different types of lease extensions on a wide range of properties like the purpose-built flats in Basinghall Gardens and Alexandra Gardens and period conversions like the ones found on Parkhill Road.

Our work is not just limited to the London Borough of Sutton, we have worked with different local councils and private freeholders.

Are you looking for help with a lease extension?

Who can extend their lease in Sutton?

If you own a flat within Sutton, you could be eligible to extend your lease. The only two exceptions are;

  • If you have not owned your flat for to two years
  • if you purchased your flat under “a shared ownership” scheme. You must wait until you have stair-cased to 100% of your flat.

How much does a lease extension cost?

The cost of a lease extension varies from flat to flat and comes down to three major factors.

  • The market value of your flat.
  • How much ground rent you are paying now, frequency and amount at which it increases (this only applies if your ground rent is not fixed)
  • The number of years left on your lease.

In our experience, your premium will be higher if your lease is shorter than 80 years with a high ground rent. However, you can expect your premium to be lower, if the London Borough of Sutton are your freeholder compared to a private freeholder. The latter tend to lease out flats with short leases and higher ground rent.

Another factor is the market value of your flat, and this varies considerably between different styles and types of flats. A flat with an outside space (balcony, terrace or a garden) is likely to be worth more than a flat without an outside space.

To get an idea on the cost of your lease extension, you can use our lease extension calculator or book a free phone consultation with one of the team who can explain the process to you in more detail.

What’s the process?

Homehold, is a one stop shop for all things lease extension, therefore we handle the process from you instructing us to your lease extension being registered at the Land Registry. We always keep clients updated throughout the process.

Stage 1: Preparation and Valuation

Our in-house lease extension solicitors, LLS, will get all the paperwork associated with your flat and the development from the Land Registry and do a review. This step is important as it gives us a complete and clear picture.

Once that is completed, one of our lease extension surveyors from the Homehold team will value your property using a variety of data. We tend to use recent (within 24 months of the date of valuation) sale data of similar properties in the immediate vicinity, as these are the most comparable.

If this data isn’t available then we look to the wider market, but as a rule we try not to use the sale data of properties over a mile away.

Stage 2: Notice Serving and Negotiation

After the valuation has been completed by the Homehold team, the solicitors at LLS will draft a notice stating your legal right to extend your current lease and the amount you would like to pay for this, this document is known as the Section 42 notice.

The freeholder has two months to respond if the amount is accepted or not.

If the freeholder does not accept the price, you will be contacted by the Homehold team for negotiations to begin. We will negotiate with your freeholder until you are happy with the price, no matter how long this may take, and you will not be charged extra.

Stage 3: Conveyancing and Completion

After the premium has been agreed between you and the freeholder, the solicitors at LLS take over and begin the required legal work to complete your lease extension.

Your freeholder’s solicitor will issue paperwork that states that your lease has been extended by 90 years and your ground rent is £0. All other terms in your lease will not change.

What do Homehold charge?

We charge a fixed fee of £2,400+VAT. Which is paid in three equal instalments of £800+VAT.

This includes all legal work done by LLS, our in-house lease extension solicitors. LLS is regulated by the Solicitors Regulation Authority.

Why use Homehold for your lease extension?

We have completed many lease extensions in the London Borough of Sutton and other boroughs in London, we are well equipped to handle all things lease extensions. We also understand that your flat is not just another flat, it is your home and investment, and we will treat it with the attention and respect it deserves.

Hear it from another flat owner in Sutton

We recently instructed Homehold in renewing our lease on our 2nd property and have to say we could not be happier with the service we received. Linz, Rob and Leah regularly kept us informed by phone and email, were constantly on hand to explain what was happening and were always polite and professional. The freeholder dug their heels all the way and when it went to tribunal, Homehold pursued them

Terry Houchin, Carshalton

Start your lease extension in Sutton today

Article author photo

Mo is one of our valuation team at Homehold. He is passionate about ensuring that leaseholders get a fair price on their lease extensions. Mo has been working in London property for his entire career, and he is particularly well versed in Local Authority and Housing Association stock.

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