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Lease Extensions

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.

Contact our Commercial Property Team

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Commercial Property Team
Antony Fyson

Antony Fyson

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

Tom Redgate

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 Commercial Property

Fiona Moore

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 Smith

Luke Smith

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

Emily Kevan

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.

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