We are highly experienced in acting on behalf of leaseholders and freeholders in residential lease extensions. We make it our priority to obtain the best possible result for our client when negotiating their lease premium.
Acting for Leaseholders:
Under the Leasehold Reform, Housing and Urban Development Act 1993, owning your leasehold property for more than two years may give you the right to extend your lease by ninety years with a peppercorn ground rent (effectively you won’t have to pay any ground rent once the lease is extended).
It is normal practice to obtain a valuation prior to negotiating the lease extension. This valuation is then used by your solicitor to make your lease extension offer to the freeholder.
As RICS registered valuers, we specialise in valuing lease premiums. We can also negotiate with the freeholder on your behalf to ensure you get the best possible lease premium agreed.
Acting for Freeholders:
If your leaseholder wishes to extend their lease, you have a right to your own valuation by a valuer of your choice. The leaseholder will have to pay for the valuation and, on most occasions, cover your legal costs.
Once the leaseholder serves you a legal notice to extend with an offer, you have two months to reply, either to accept the offer or provide a counter offer.
If you serve a counter offer, there is a six month negotiation period. Should the price not be agreed in that time, the leaseholder will need to take the matter to first tier tribunal.
We can negotiate the lease premium with the leaseholder, or their surveyor. Should the matter proceed to first tier tribunal, we can prepare all of the necessary documentation, comparable evidence and statement of facts on your behalf.
We also regularly assist in leasehold enfranchisement for multiple leaseholders wishing to obtain the freehold.