Procedure
- We will obtain an up to date copy of your Lease from HM Land Registry and check it is all correct. Many Leases carry defects which if left could cause you time and expense to resolve. Now is a good time to correct these and we will alert you to these if applicable.
- If you have a mortgage secured against the property we will contact your mortgage company and seek their consent to proceed and deal with their requirements.
- We will receive the draft lease from your landlords solicitors and approve the terms of this and then complete and register the lease at the Land Registry.
Pros and Cons
- Quicker process
- Your legal fees less
- More flexibility on terms - you may wish to obtain a shorter term than the statutory 90 years to sell the property quickly
- No protection from statutory procedure thereforelandlord can change mind at any time and could make his costs high
- years to be extended by not guaranteed at statutory 90
- Rent not guaranteed to be nil as with statutory procedure often landlord tries to increase
Legal fees
We are happy to offer a fixed fee of £895 plus VAT. There will also be a Land Registry fee of usually £45.00 (but this is subject to change), ID check fee of £35 plus VAT per person, £12.00 to order an up to date copy of your title from the Land Registry. Stamp Duty Land Tax is not payable unless the premium payable for the lease extension is over £40,000.00.
Please note it is likely that you will also be responsible for your landlords legal and valuation fees.