What You Need to Know About Lease Agreements
Why do I need a lease extension?
Your leasehold property may be a wasting asset as its value reduces over time. Nevertheless, you may qualify for a lease extension. Extending your lease will not only increase the value of your leasehold property but also its saleability.
Do I qualify for a lease extension?
Only a qualifying tenant can enjoy the benefit of a lease extension. You may be a qualifying tenant if your lease term was 21 years or more from the date it was granted, and you have owned the lease for at least 2 years.
How much will I pay for a lease extension?
You may have to pay a premium to your landlord when you extend your lease. The premium amount depends on the value of the leasehold property and the number of years remaining on your lease.
You may also have to pay the legal costs of your solicitor and your landlord's solicitor and the additional expenses generally involved in a lease extension.
Do I need a solicitor to extend my lease?
You may wish to avoid paying legal fees and attempt to extend your lease informally. However, lease extensions involve complex and technical legal work. Extending a lease without the help of a legal professional can have serious ramifications.
Our team of experts at Gardner Croft LLP Solicitors will be delighted to provide you with substantive, specialist advice.