A Lease extension is a legal process that allows a leaseholder to extend the term of the current lease agreement.
The Leaseholder must own the property for over 2 years before they can approach the Freeholder for an extension.
The lease extension is a legal document that must include the name all the parties involved, as well as the dates on which the extension is valid from and to.
Extending a lease can be a long process and can become stressful. Therefore we opt for the process to be completed via the ‘statutory route’. This means that the Leaseholder hires a professional surveyor & solicitor (with knowledge in this field) to guide and complete you through the procedure.
- You have owned the property for over 2 years
- Choose a professional advisor
- There are available funds to pay for the completion of the process and the premium which includes the advisor fees.
- All information that you need is accessible
- prepare the tenant’s notice
- prepare for the subsequent procedures
Option 2 is for the Leaseholder to approach the Freeholder and to negotiate an informal extension. This is not something that we would recommend as the Freeholder could make changes to the lease and increase the ground rent charges whereas if you proceed with the statutory route the ground rent charges will be void.
If you wish to enquire about a potential extension on your property, please Email David Satchwell – D.J.Satchwell@marstonmanagement.com