Leasehold Extension Solicitors 

If a person owns the freehold to their home, this means that they own the building and the land it sits on. In contrast, if their property is leasehold, where leaseholds are commonplace when buying a flat or apartment which sits within a larger building, a person will own the property but not the building or land. Moreover, they will only own the property for a fixed length of time, where the property will revert to the freeholder on expiration of this term.

Lease lengths can vary, but a new residential lease will typically last between 99-125 years although, in the case of older leases, these can run for as long as 999 years. As such, it is the more modern lease that may need to be extended where, once a lease has been granted, the term immediately begins to get shorter. A short lease, classed as under 80-90 years, can affect the owner’s ability to remortgage or sell their property, where a leasehold extension may often be needed to maintain the property’s value and marketability.

Leaseholders can either extend their leases via a formal route, provided they meet certain statutory criteria, or by approaching the freeholder to see whether they are willing to negotiate a lease extension informally. However, in either case, the process can be complex, where expert legal assistance from a leasehold extension specialist is strongly advised.

What we do for our clients

At Farnworth Rose Solicitors we have a wealth of experience in helping clients with leasehold extensions for residential properties, both by following the statutory route, ensuring compliance with prescribed procedures and strict timescales, as well as via the voluntary route, undertaking negotiations with the freeholder on our client’s behalf.

Our expert team of Conveyancers have helped hundreds of clients to successfully extend the term of their leasehold property, ensuring that the property remains suitable for resale and one against which the client can easily secure any additional borrowing, if necessary. We are also wholly committed to making the process of extending a lease as smooth and simple as possible, so we will never complicate things with lots of legal jargon.

How we can help you

If you are looking to extend a leasehold on either a flat or house, we can advise on whether to extend your lease voluntarily or statutorily, helping you to navigate either procedure. If needed, we can also make an application to the court or tribunal if the freeholder fails to respond to your offer, or to offer either a reasonable price or terms for your new lease.

Importantly, as a lease term becomes shorter, the cost of extending the leasehold becomes disproportionately greater, so it is important to act as soon as possible, rather than waiting until an extension becomes absolutely necessary. The extension process can be drawn out, often taking several months to resolve, so acting now can avoid the stress of seeking an extension where time is of the essence. In this way, a lease extension will help you sell or mortgage your leasehold property in the future, even if it is not yet near the end of its term.

How you can contact us

For expert advice and assistance on buying and selling property, call Farnworth Rose today on 01282 695 400 or complete the form below and we’ll be in touch.