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Lease extensions

Lease extensions

What is a Lease Extension?

A lease is granted to a leaseholder by a freeholder for a specific number of years. At the end of that time, the lease ends and full ownership of the property goes back to the freeholder. A lease extension increases the length of the original term of the lease, and puts off the date when the freeholder takes back possession.

Did you know...

  • If your lease has less than 99 years left to run, the value of your property may fall as the lease gets shorter?
  • With less than 80 years left the value drops faster and you may not be able to sell, get a mortgage, or remortgage?
  • The longer you wait, the more it will cost you and the more your property will drop in value? 

Extending your lease is complex: you need a surveyor to value the property and negotiate the terms of the extension and a solicitor to complete the legal work. Our aim is to make this process simple for you by providing all the experienced professional services you need under one roof to save you time and money and give you peace of mind throughout the transaction. If you have already negotiated an extension with your freeholder, we can provide a solicitor-only service.

Do I qualify to extend my lease?


All leaseholders have the option to negotiate an extension to their lease with their freeholder. However, many residential leaseholders have a legal right to a 90 year extension if they have owned their property for at least 2 years, own a lease which was a long lease when it was granted and the property is not in a small category of exemptions. If the property was part of a shared ownership scheme, you must own 100%.

Your freeholder is entitled to a payment for this extension, known as a premium, which is calculated according to the terms of the lease, and the value of the property. If you qualify for a statutory lease extension, your freeholder can try to negotiate the amount of the premium but he cannot avoid extending the lease and he cannot use delaying tactics to increase the amount of the premium.
 

Now Outlet offers you a new Lease Extension service

FREE lease extension quote for England and Wales

Use our free calculator and service provided through our partnership with NAEA (National Assoc. of Estate Agents) to estimate the cost of extending your lease. You can also calculate how much the cost will increase by if you delay.

Please click here to use our Free calculator

Our unique lease extension service gives you

  • Access to quality professional help from surveyors and solicitors under one roof.
  • Ability to compare based on price, distance and rating.
  • A detailed instant quote which provides all the professional fees upfront for your peace of mind.

Call our sales department on 020 7287 4244 for more information and some free advice.

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