Your Lease

Extending Your Lease

A lease extension grants an additional 90 years to the remaining term of a lease, by surrendering the old lease and granting a new one.
Most new build leasehold properties start off with a Lease term of 99 or 125 years, each year the term will reduce and this can impact upon the value of your home.  If your Lease falls below 80 years you may find it difficult to remortgage, as some mortgage lenders will not lend on a short lease.
There are two routes to extending your lease:

1. Formal Process: for Leaseholders who have owned 100% of their home for at least two years.  They can apply formally by serving a notice in accordance with the Leasehold Reform, Housing and Urban Development Act 1993. This route can sometimes be more costly since you are required to instruct a solicitor from the beginning of the process.

2. Informal Process; for both 100% leaseholders and Shared Owners. They can apply directly through us, this way both owner groups benefit from:

  • A simpler process in comparison to the formal route, the associated costs are usually less as you are not required to instruct a solicitor before the fee to extend has been agreed.

  • You only pay for one valuation.  Under the formal route, you are required to pay for the freeholder’s valuation fee as well as your own independent valuation. 

  • Our aim is to be flexible when agreeing a new lease term. For example where the Head-Lease does not allow for a full 90 year extension, we may agree a lower term.

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