Extending a lease in the UK requires you to follow a legal process, especially for leasehold properties.
What is the process for extending a lease?
First, ensure you qualify to extend the lease. You must have owned the property for at least two years before being eligible.
Always seek out a valuation of the property to determine the cost of the extension. You might want to consider speaking to a surveyor or a solicitor specialising in property. If you require conveyancing solicitors Birmingham, there are a number of professionals ready to speak to you, including https://www.samconveyancing.co.uk/Conveyancing-Solicitors/conveyancing-solicitors-birmingham.
A lease extension deed is drawn up and this must be signed. The agreed premium is then paid to the landlord. Finally, the lease extension becomes legally binding.
What costs are involved in the process?
The premium is the amount paid to the landlord for the lease extension. You will also need a solicitor to handle the legal aspects, and this will involve fees.
Should I pay attention to the timing of the process?
Be an early bird and start the process as soon as possible, to avoid falling into a situation where the property’s value decreases as the lease gets shorter. From the start, consider hiring a solicitor or a specialist lease extension company to guide you through the process. According to Today’s Conveyancer, the government has made a commitment that all new homes in England and Wales will be freehold properties.
The lease extension must be registered with the Land Registry
This makes the lease extension official. Always consult professionals as lease extensions can be legally intricate. These questions and answers might help you understand the process, but speaking to a legal professional should be your first port of call.
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