Ashley Wilson is a leading firm of enfranchisements solicitors in London. We are able to advise on a range of aspects relating to lease extensions, including extending your lease or buying or selling a property with a short lease.
We understand the technicalities of lease extension legislation and will provide you with the best advice to achieve your objectives. We will work closely with your instructed valuer to ensure you achieve the very best result, saving costs at all stages where possible.
Why Extend Your Lease?
If you own a flat, with every day that passes the length of your lease will become shorter and the value of your flat will diminish. If you do nothing, the ownership of your flat will pass back to the freeholder when the lease term expires.
Extending your lease not only prevents your flat ownership from returning to the freeholder, but it also increases the value of your flat and can make your flat much easier to mortgage or sell.
When You Can Extend Your Lease
The right to extend your lease begins after two years of ownership, or you can take the benefit of a lease extension from your seller if you are buying a short lease. The below list outlines when you should extend your lease and how urgently you should consider your lease extension according to the time remaining on your lease:
Whatever the unexpired term left on your lease is, contact our enfranchisement solicitors today for specialist advice on lease extension, the associated costs and what, if any, difficulties you may face in extending your lease.
How Much Does A Lease Extension Cost?
You will pay a premium to your freeholder for the cost of a lease extension and will need to instruct a specialist valuer at the start of the process to advise you of the expected premium. We are able to assist by recommending a valuer who specialises in this field.
Buying or Selling a Short Lease
The majority of people only start to consider a lease extension at the time of purchasing a flat or selling and the length of the lease becomes a very important factor. If it is too short then mortgage lenders may not be willing to offer a mortgage and cash purchasers will be put off or only proceed at a reduced price. You will not be able to sell your property to a buyer who needs to obtain a mortgage.
Few flat owners know that (if they have owned their flats for two years) the right to extend can be transferred to their buyer. Therefore the sale and conveyancing process is not delayed. Contact our team today for legal guidance if you are considering buying or selling a short lease.
At the start of the process, you will need to appoint a specialist solicitor and a valuer in this field. The procedure is full of complexities that some general property solicitors and valuers are not aware of. It is therefore very important that you appoint specialists. Being caught within the traps of the legislation could result in an invalid lease extension claim with critical and expensive consequences for you.
Once you have appointed your lease extension lawyer and valuer then you will be able to commence the process. Please see our lease extension flowchart and our detailed guide to the lease extension procedure for more information on the process involved in extending your lease.
Ashley Wilson - Experienced Lease Extension Solicitors in London
Ashley Wilson Solicitors are experts in the field of lease extension and are members of ALEP, the Association of Leasehold Practitioners, and are able to provide expert legal advice that helps you achieve your objectives while extending your lease.
We offer transparency in respect of all our costs and we always provide a full quotation at the outset of your case. In the majority of cases we can provide a quotation for a lease extension on a fixed fee basis.
For lease extension costs, an initial discussion regarding extending a lease and to discuss the options and procedures available to you please contact Joanna Botley (email@example.com / 0207 590 9318) Nathan Woods (firstname.lastname@example.org / 020 7802 4812) or Jade Wilson (email@example.com / 020 7802 4812).