Procedure
- We will check you qualify to apply under the Act.
- We will check your existing lease for any defects.
- Draft and serve the Initial notice on your Landlord and any third party to your lease. At this point your Landlord may ask for a deposit of 10% of the proposed premium or £250.00 whichever is greater.
- Negotiate the terms of your new lease with your Landlord. note that we do not negotiate the premium, you must employ s specialist valuer to do so on your behalf if you wish to negotiate once the landlords counter notice has been served. They will also be responsible for any applications to Leasehold Valuation Tribunal if required.
- Complete the Lease extension and register at Land Registry.
Pros and Cons
- The Act provides certainty- your landlord is procured to provide a lease extension without unreasonable terms and with reasonable legal fees
- Rent is reduced to nil automatically
- Statutory 90 years is added to your Lease
- You can start the process and sell the property before its completed by assigning it to your buyer
- The procedure is more time consuming
- Legal fees are higher
Fees
We can represent you for a fixed fee of £2450.00 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 +vat 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 you will also be responsible for your landlords legal and valuation fees.