How can Romans Surveyors help me extend my lease?

  • Extending your lease at the right time could save you tens of thousands of pounds.

    With over 25 years’ experience, our RICS qualified surveyors will:

    • Provide you with clear, impartial lease extension advice.
    • Help you through the entire process of extending your lease.
    • Act in your interest to enable the right decision for your circumstances.

    Contact our RICS surveyors today for expert advice on extending your lease 0333 222 3526.

Lease Extension FAQs

What is a lease extension?

A lease extension is the process of paying the landlord (or freeholder), a sum of money, sometimes referred to as ‘compensation’ to extend the lease remaining on a property. If you own a property you can normally extend the lease by 90 years, and if you own a leasehold house you can extend it by 50 years.

Contact us today to get started on 0333 222 3526.

When do I need to extend my lease?

If your lease has around 90 years remaining, you really need to start looking at an extension. If this gure drops below 80 years, you will then be required to pay 50% of the property’s ‘marriage value’ on top of the usual cost of the lease extension to the landlord. Basically, if you let the lease drop below 80 years it will cost you a lot more to extend.

It may also be more difficult to sell a property with a short lease, as mortgage lenders may be reluctant to lend. If you have a property with a short lease and need to sell soon, you may want to consider auctions which have cash buyers.

As long as you’ve owned the property for at least two years and the lease was originally granted for more than 21 years, you are entitled to a lease extension. This can be done privately, but beware that freeholders could overcharge you and/or delay the whole process, so it’s often best to have a legal representative involved.

  • How much does a lease extension cost?

    The price of extending a lease on a property depends on several things, including the:

    • Property’s value,
    • Length remaining on the lease,
    • Ground rent,
    • Negotiations with the freeholder.

    We will talk you through all the costs before you begin the lease extension process so you have a better idea of what you can expect to pay.

    You should note that you are responsible for reasonable costs incurred by the freeholder during this process, such as their valuation fees and legal fees in addition to your own.

     

    lease extension faq

Meet your lease extension expert Duncan Matthews, BSc, MRICS

Duncan is a Chartered Surveyor working from our Guildford office. Duncan undertakes a range of valuations and surveys ....