Buying a leasehold rather than a freehold or commonhold property means you are buying the rights to live in a property for a set length of time. Leasehold houses typically have a lease term of 999 years, whereas modern flats tend to have a lease period of 99 to 125 years.
Whilst these average lease periods may seem lengthy, it is important to note that as the length of the term decreases so does the value of the property, resulting in it becoming what is known as a “wasting asset”. In addition, lenders of leasehold properties often require a lease which is the length of the mortgage plus 35 years, meaning that a lease extension might be worth doing once the length of the lease falls below 100 years.
If you wish to extend the lease, then you will need to check that you are able to do so. For example, you usually need to have owned the property for at least two years before you can request a lease extension.
At Rotheras we specialise in lease extensions and can advise you on whether extending the current lease on your property is a worthwhile investment.
Why instruct Rotheras on a Residential Leasehold Extension?
Our team can advise on whether a lease extension is worth doing in your situation by considering the length of lease remaining and obtaining a valuation of the property.
We can help leaseholders negotiate the lease extension with the freeholder or alternatively advise on serving a section 42 notice in cases where you cannot reach an agreement with the freeholder regarding extending the lease.
Our team can also advise on ground rent provisions, especially where your lease contains an escalating ground rent clause which appears unfair and costly and which requires variation.
We can advise you if there are less than 80 years remaining on the lease and “marriage value” needs to be considered.
Our dispute resolution team is on hand to help in situations where you have failed to agree on the landlord’s premium with the freeholder and you need to apply to the Leasehold Valuation Tribunal.
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Head of Commercial Property
"Impressive group with expertise in both matrimonial finance cases and children matters. A strong childcare team handles cases involving physical and emotional abuse, as well as fatalities. Well versed in matters with international aspects, Hague Convention cases, as well as adoption and guardianship issues.
Chambers UK, 2018
Anton Balkitis frequently represents the operators of both goods and passenger vehicles in court proceedings. Clients remark: "He has a commercial understanding of real-life issues and will always provide a balanced view
Chambers UK, 2019
Impressive group with expertise in both matrimonial finance cases and children matters. A strong childcare team handles cases involving physical and emotional abuse, as well as fatalities. Well versed in matters with international aspects, Hague Convention cases, as well as adoption and guardianship issues.
Chambers UK, 2018
Chris Powell at Rotheras was recommended to us by a trusted associate within the Transport Industry; without doubt we wouldn’t have had the excellent outcome we did without his and his team’s involvement. The level of professionalism, expert advice and assistance was faultless; we felt reassured and well informed throughout the whole process. It was a pleasure to do business with him and would highly recommend his services!
Julian Brindley - John Brindley Ltd
The team at Rotheras, and Mr Powell in particular, have provided us with an outstanding service. We are extremely grateful for the help and support they gave us in dealing with issues relating to our transport operations and our goods vehicle operators licence. Mr Powell was professional, knowledgable, efficient and effective. He quickly understood our business and the problem we had. He responded with sensible advice and acted quickly on our behalf to resolve the matter. I cannot thank him enough for his help and I would recommend Mr Powell, and the Rotheras team, without hesitation. I am extremely grateful for the help they gave us.
Richard Hitchcock - Hitchcock & King
I would highly recommend James Briggs, solicitor at Rotheras. He has been extremely helpful, patient and thorough whilst helping me with affairs following the death of my husband. Even during lockdown (covid) he maintained communication and kept me informed of what was happening. He successfully achieved the outcome I needed and I would not hesitate to recommend him.
We are in the middle of launching our own packaging agency and contacted Rotheras for some professional legal advice with regards to contracts. After an initial call with Billy, he made it clear what we needed and asked plenty of questions to understand what it was we needed. He was very responsive to our questions, whether it be over the phone or via emails and made the process really simple. We had little experience in this area so it was fantastic to work with Billy, who explained everything concisely. We were also really pleased with the quick turnaround and great value offered. Would thoroughly recommend working with Rotheras.
Tom Burden, Director of Rightbox Ltd
Billy understood our requirement from the get go and really nailed down on what we needed in our commercial agency agreement. Billy kept us informed every step of the way and showed great professionalism. We would recommend his services to any start-up business who is in need of legal advice and guidance with commercial contracts.
Axl Barber, Sales Director of Rightbox Ltd
I was extremely pleased with the service that Kerry provided in order to sell my mothers house. Good, prompt communication and all questions dealt with or answered as requested. Consequently I would recommend yours services to others.
Anton has substantial experience acting for commercial goods hauliers and other transport operators. He advises on a range of contentious issues including operator licence, maintenance and tachograph matters, with a wealth of experience acting in public inquiries before Traffic Commissioners."Anton is a highly informed and personable lawyer.
Chambers UK, 2020
Chris Powell focuses his practice on road transport issues, regularly representing haulage, transport and logistics companies. He has considerable experience in regulatory matters involving operator licences and compliance failings, as well as more serious criminal investigations relating to fraud.
Chambers UK, 2020
Antony Fyson is a Partner and heads up the Long Eaton branch Office of Rotheras Solicitors and offers clients a wealth of expertise in Commercial Property and Conveyancing matters.
Tom Redgate is a Commercial Property specialist at Nottingham-based law firm Rotheras and is located at our Lace Market office in the heart of Nottingham City Centre.
Fiona Moore is an associate solicitor specialising in commercial property and residential property at Nottingham-based law firm Rotheras Solicitors and is located at our Lace Market office in the heart of Nottingham City Centre.
Luke specialises in all aspects of commercial and residential property including leasing, sales and purchases, development work, commercial finance and much more and is based at our Lace Market office in the heart of Nottingham City Centre.
Emily Kevan is a residential property and commercial property paralegal at Rotheras. She is based at our Lace Market office in the heart of Nottingham city centre.