Leasehold Extension Overview
Overview Pros and Cons Qualification Valuation Procedure Alternatives Services & Costs
Leasehold property owners should keep a close eye on the remaining length of their long-lease. Following house-price rises in recent years, the cost of extending a lease now increases significantly the shorter a lease becomes.
80 years and 70 years remaining on the lease are key trigger points. Any leaseholder approaching these should take action now.
The terms of a lease extension can sometimes be agreed informally. Alternatively, there is a statutory right to a lease extension even if the freeholder does not consent. Pro-Leagle offer a range of lease extension services with transparent pricing.
- Take a look at the pros and cons of informal versus statutory leasehold extension to help you decide which route is right for you.
- There are rules in place defining whether a leaseholder is entitled to obtain a statutory lease extension. Pro-Leagle has created an online qualification test to assess eligibility for leasehold flats. The criteria for leasehold houses are different. Contact Pro-Leagle to learn more.
- Complex rules define how much a lease extension will cost. The valuation process is explained in more detail in our valuation section.
- The terms of an informal lease extension vary depending on individual agreements. After statutory leasehold extension however, a new lease will be granted comprising the term of years of the existing lease plus an additional 90 years. 'Peppercorn' ground rent of 1p per year will be charged under the new lease.
- Extending the lease will counteract the steady depreciation of a leasehold property's value and make it more marketable. Pro-Leagle offer comprehensive leasehold extension services. Before deciding to extend a lease however, take a look at the alternatives to lease extension.
