Lease Extension Services and Costs
Review the procedure for lease extension. If you would like Pro-Leagle to manage the Leasehold extension process for you, here is a breakdown of our charges:
- Eligibility Assessment
- Management of the Leasehold Extension Process
- First-tier Tribunal (Property Chamber) Representation
- Legal Work Required to Extend the Lease
Valuation of Lease Extension
- This service provides a estimate of how much a leaseholder should be paying the freeholder for a lease extension. You will receive a comprehensive Valuation Report with up to two pages of calculations detailing the issues affecting the value of the lease extension, such as Marriage Value.
- The Valuation itself is based on the number of years remaining on the Lease, the current value of the property and the Yield Rate and Percentage Improvement in Value for the locality. These values have been collated from determinations of the First-tier Tribunal (Property Chamber) and its predecessor the Leasehold Valuation Tribunal for areas throughout the United Kingdom.
Standard (7-10 working days): £99 per flat
Express (1-2 working days): £115 per flat
Statutory Lease Extension
- This service provides confirmation of eligibility for statutory lease extension as set out in the Leasehold Reform, Housing and Urban Development Act 1993 and the Commonhold and Leasehold Reform Act 2002.
(together with £20.00 disbursements).
Management of the Leasehold Extension Process
- To consider the lease and supporting documentation and, if necessary, compile further information including intermediary leases, service charge records or surveys.
- To appoint a surveyor to value the leasehold extension, unless the purchase price is already agreed or you wish to use an alternative valuation such as Pro-Leagle's. Following this, to consider the valuation and agree a price to be inserted into the formal notice.
- Drafting and service of the relevant statutory legal notice.
- Dealing with and discussing any correspondence, including request of deposit and access through to receipt of Counter Notice.
- If the price and terms of a lease extension cannot be agreed, to discuss application to the First-tier Tribunal (Property Chamber) to compel sale during this time.
- All updates are provided to you throughout the process.
First-tier Tribunal (Property Chamber) Representation
- To advise on all aspects of the case.
- Preparation of case and papers including correspondence, telephone calls, negotiations and research.
- Organisation of surveyor or barrister representation where appropriate.
- This service is billed at £220.00 per hour of solicitor's assistance.
Cost: £220.00 per hour
Legal Work Required to Extend the Lease
- Finalising the New Lease and preparing an engrossment (if required).
- Completion of all registration notices and related legal work necessary to officially extend the lease.
Informal Lease Extension
- Many leaseholders and freeholders are able to informally negotiate a lease extension without having to sue the statutory lease extension route.
- Pro-Leagle provide an expert negotiation service on your behalf to achieve the best price and terms for an informal lease extension. You will need a Pro-Leagle lease extension valuation or surveyor's report before you can obtain this service.
- This service is capped at 1.5hrs of solicitor's time billed at £220.00 per hour.
Cost: up to £330.00
(depending on requirements).
Lease Assessment Report
- If you, as a leaseholder, have been provided with a draft New Lease or Deed of Variation for an informal lease extension, Pro-Leagle can provide a Lease Assessment Report detailing potential problem clauses that would be considered onerous to accept and recommend their removal or suggest alternatives.
Cost: from £220.00