Idea Transcript
About us
Careers
Clients
FAQ
News & Case Studies
0208 832 9069 Services
Lease Extensions
Buy Freehold
Legal
Freeholders
Contact Us
Welcome to South East Leasehold
Authorised and regulated by the Solicitors Regulation Authority (SRA)
We specialise in leasehold matters across London and the South East. Our main areas of expertise are in lease extensions and collective enfranchisement. We are the first company to offer both valuation and legal work in house. We have an extensive client portfolio from individual leaseholders to large freeholders. We offer unrivaled levels of expertise, knowledge and experience in the field. All our work is carried out in house by our valuation and legal teams. If you are a Leaseholder or a Freeholder we can assist you from start to finish with your lease extension or collective enfranchisement. We also operate a dedicated residential Block Management service across the South East. Call us now for a free no obligation discussion about your requirements on 0208 832 9069.
Lease Extensions We help 200-300 leaseholders a year to extend their leases. They are in safe hands. The South East Leasehold team has over 100 years combined experience. We undertake the whole process from start to finish at a fixed fee. In fact, we are the only company in the UK to provide this complete valuation and legal service genuinely under one roof. Call us now for a no obligation chat with one of our team. The lease extension process is complex involving both valuation and legal work. It is vital you are properly represented by experienced Solicitors and Chartered Surveyors to ensure the best premium is obtained and additional unnecessary costs are avoided.
+
Lease Extension Calculator We have come up with this quick and easy calculator to give you an indication of the likely cost of your lease extension. The calculator is for information purposes only. South East Leasehold will not be held liable for any loss arising from reliance on the figures given here. You should always obtain a full inspection and valuation before committing to extend your lease. Unexpired term (years)
01
Value of flat with extended lease (£) Current ground rent (per annum in £)
Calculate
Why Should You Extend Your Lease? Unfortunately, your lease is a wasting asset and as its term reduces so does the value of your flat. The extent of this is not fully appreciated in the early years because the decrease in value is generally offset by increases in the housing market. However, when the term reaches 70 years or less it is more difficult to obtain a mortgage on normal terms. It therefore becomes difficult to sell the flat and so it reduces in value. An extension reverses this process and the full value of the flat can be realised on sale. This is the main reason people extend their leases. Unfortunately, the longer you leave it to extend your lease the more expensive it becomes. Before the Leasehold Reform Act leaseholders were at the mercy of unscrupulous landlords who took the opportunity to charge high premiums for the extension and to increase the ground rent. Leaseholders watching their flats devalue had little option but to accept the landlord’s terms. Extending your lease is one of the most important investment decisions you can make. It will restore the value of your home, provide security and excellent returns on your money. The cost rises every month so there is never a better time to get the process started than today.
Can I extend my lease? Legislation enables the majority of flat owners to extend their lease, providing they meet certain legal criteria. This includes: • Ownership of the property for at least 2 years. • The original term on the lease being at least 21 years.
What am I entitled to during the procedure? Lease Extension entitles the leasehold owner to: • 90 years being added to the remaining term. • Ground rent being reduced to zero (sometimes referred to as a ‘peppercorn’) for the entirety of the lease. • A premium which has been calculated according to the legislation – not chosen solely by the landlord.
How to extend your lease How much will it cost? Freeholders are entitled to be compensated for the financial loss caused by the extension of the lease, which translates into a premium paid by the leaseholder. This premium takes into account: • The decrease in value of the freeholder’s interest, caused by the additional 90 years before they may regain control of the land. • The increase in the value of the property, caused by the lease extension (half of which is paid to the freeholder as ‘marriage value’) • Compensation to the freeholder for reducing the ground rent to zero.
How do I get started? It is possible for homeowners to approach their landlord or freeholder for an informal lease extension, if they prefer. Some seek professional advice before doing so, to make sure that the premium they are offering has a reasonable chance of being accepted. Others may find that the counter-offer presented by their freeholder seems unfair, or would simply prefer to follow the legal process of lease extension. To begin the formal proceedings, you will need a professional lease extension valuation, upon which negotiations with your landlord can be based. After receiving this, you can serve your Initial Notice, also known as a Section 42 Notice, on your landlord, which sets the process in motion. Before you serve Notice, there are recommended steps to ensuring that you are fully prepared to complete the lease extension process. This includes: • Checking eligibility – not only your own, but seeking out the “competent landlord” • Choosing and instructing professional advisers • Obtaining a lease extension valuation to assess the premium • Getting your finances in order to pay the premium • Preparing your Notice • Preparing for the subsequent procedures – your surveyor will be able to advise
What will South East Leasehold do? South East Leasehold are Chartered Surveyors and Qualified Solicitors. We will undertake the whole valuation and legal process for you from start to finish. We will also advise you as to the procedure under the Act. The process can be divided into 2 separate but dependent operations being valuation and legal. Each part is undertaken by the respective valuation or legal professional.
1. Valuation The starting point is to carry out a valuation of the property and to examine the lease to determine the premium to be paid for the extension, this is carried out by our Surveyors. We will provide a full valuation report which is the detailed argued case for the figure we recommend be put in the notice and which would eventually form the basis of any experts’ report for a tribunal. You can decide at this point whether to proceed to the legal work or not. Our surveyors will also undertake negotiations with the freeholder’s surveyor to agree the final premium. They will also attend the tribunal as expert witnesses if the premium cannot be agreed, this is under separate instruction from you.
2. Legal Our Solicitors will serve the initial notice on the freeholder incorporating the figure we have recommended in the valuation report. This is the start of the legal procedure. There is then a two-month period in which the freeholder will serve a counter notice (Section 45 Notice). Following the agreement of the premium our solicitors will negotiate with the freeholder’s solicitor to agree the lease terms. Once agreed they will complete the lease extension and register at the Land Registry.
Click here to read our case studies and latest news.
Address Details
Email Us
Ring Back
Request a quote
Follow us
Watch Videos
View our address details
Email us for further information
If you would like us to call you back
Fill in this simple form to receive a quote
Follow us on Twitter for all the latest updates
Watch us on YouTube
London Offices
South East Area Offices
We’ve been Established for 30 Years
South East Leasehold Dalton House 60 Windsor Avenue Wimbledon London, United Kingdom SW19 2RR
South East Leasehold D4 Yeoman Gate Yeoman Way Worthing West Sussex, United Kingdom BN13 3QZ
South East Leasehold are fully qualified chartered surveyors and solicitors and are one of the only authorities in the country that cover all matters.
Tel: 0208 832 9069
Tel: 01903 890 666
More Info
We have been carrying out leasehold extension and freehold purchases throughout London and the South East for over 30 years. Copyright © 2018
More Info
Regulated by the Solicitors Regulation Authority