Extending the lease on a leasehold property is a way to secure your ownership of the property for longer, as well as increasing its value. It can also make it easier to get a mortgage, which can be difficult if you are buying the leasehold on a property with a short lease.
The process for extending a lease can be complicated and time-consuming, so it is important to get the right legal advice to ensure your lease extension progresses smoothly and that no important details are overlooked.
Franklins’ lease extension solicitors in Northampton have many years of experience helping clients to successfully extend their leases, both through voluntary agreements with freeholders and using statutory lease extension rules. We can handle the entire process for you, including negotiating with the freeholder on your behalf and ensuring the lease extension agreement protects your interests.
If you have a lease you need to extend, our lease extension solicitors in Northampton can help. Please get in touch by calling 01604 828282 or using our contact form for a prompt response.
Franklins’ lease extension service
Our lease extensions solicitors in Northampton can help with the entire lease extension process, including:
- Preparing your application
- Serving Notice to the freeholder
- Responding to any requests for supporting information from the freeholder
- Conveyancing for the new lease
Whatever you requirements, we can offer a bespoke service that meets your needs.
Frequently Asked Questions about lease extensions
What is a statutory lease extension?
Under the Leasehold Reform, Housing and Urban Development Act 1993, leaseholders are legally entitled to extend their lease, as long they meet the qualifying criteria, including having lived in the property for at least 2 years. This is known as a statutory lease extension and allows you to extend the lease on a flat by up to 90 years and on a house by up to 50 years,
If you have owned the property for less than two years, the freeholder is not required to agree to a lease extension, so you would need to negotiate a voluntary lease extension agreement with them.
What is “marriage value” for lease extensions?
If you own the leasehold on a property where there are 80 years or less left on the lease, you will have to pay 50% of the “marriage value” when you extend the lease. Marriage value is the amount the value of the leasehold will increase thanks to the extension. Because of this, a property with 80 years or less left on the lease will usually significantly fall in value and may be unmortgageable.
When should you extend the lease on a leasehold property?
Most people will want to renew their lease before it hits the 80 years remaining threshold. Because you will need to live in the property for 2 years before qualifying for a statutory lease extension, and it often takes up to 6 months to process a lease extension, it is usually worth renewing while there are still 83 years or more left on the lease to give yourself some leeway.
Why use Franklins’ lease extension solicitors in Northampton?
Franklins has been helping clients with lease extensions and other residential property issues for over 30 years. We now employ more than 100 staff across our offices in central Milton Keynes and Northampton. As one of the most technologically advanced firms of solicitors in the country, we combine traditional legal expertise with the latest innovations, providing a truly modern approach to the law for our clients.
We are accredited to ISO 9001 standard and Lexcel accredited by the Law Society, reflecting the high standard of our services. We are also a recognised Investor in People, meaning our staff are trained to the highest standards. These attainments are a sign of our commitment to providing excellence as standard, not as an exception.
Get in touch with our expert lease extensions solicitors in Northampton
If you need help extending the lease on your leasehold property, please contact our expert lease extension solicitors in Northampton now. You can contact us by calling 01604 828282 or click on the “next step” button below to request a call back.