Do you know how long your lease has left to run?
You can see how many years are left on your lease by checking your lease.
Look out for the commencement date and the term of the lease which are normally near the beginning of the document. Sometimes they appear in the section called Particulars. If you don’t have a copy of your lease, your conveyancer might have one.
Thinking about extending your lease?
There’s a legal process for extending your lease. It’s straight-forward but there are some costs you’ll have to meet.
You have to own 100% of your flat and you need to have owned it for more than 2 years.
Owners with a shared ownership lease may still be able to qualify, but this isn’t automatic. You can check with us about this.
Your solicitor will send us a legal notice which contains some key information. It will tell us the proposed value of your new (extended) lease along with some other information about your lease. Assuming all is ok, we’ll send you our legal notice telling you that we accept your proposal. The solicitors will then agree a date for completion of the extension and once all the paperwork’s done will register it at Land Registry.
Valuation and costs
One thing to consider is that you have to meet all the costs of this process: your costs and ours. This is likely to include legal and valuation fees as well as the cost of the new lease (also known as the Premium).
Wondering what your lease extension might cost? Try this calculator.
It’s worth working out what this will cost you before you start the process.
What to do next
Want to research this further? Here’s some useful information.
We always recommend getting independent advice. Not all solicitors or valuers are up to speed on the process, so be careful to shop around.
Our Home Ownership Team deal with an enquiry and we’ll let you know.