A Step-by-Step Guide to Successful Lease Extensions
When considering lease extensions keep in mind that this process can be long and complicated if not dealt by a professional property solicitor. This is why it is important to approach a property solicitor who will guide you step by step at every stage of your lease extension. It is always recommended that when you hire property solicitors for house conveyancing don’t forget to discuss the matter of residential leases.
The Cost of Extending a Lease
The procedure of extending a lease can be a difficult and an extensive one. Lease extensions are expensive and depend on a number of factors such as the current value of your property, the number of structural changes made to the property, the amount of rent that is paid annually and many more. Overall, calculating the cost of residential leases can be a bit complicated and might be intimidating. In order to make house conveyancing stress-free and hassle-free it is best to contact a professional property solicitor who will be aware of all the necessary formalities and procedures.
Lease extensions can easily be calculated today through a number of online tools such as a number of lease extension calculators. You can also contact professional surveyors to calculate the amount for you. There are a number of other costs that you have to pay along with residential leases. These usually include fee for upgrading land registry, the payment of the surveyor, and the property solicitors’ fee.
Lease extensions can take about three to twelve months while the entire process of house conveyancing or property conveyancing can move more rapidly if you select proficient property solicitors and related professional staff for the job.
Here is a step-by-step guide for extending your lease:
Step # 1
When you start the process of house conveyancing, you should first discuss the matter of extending a lease with your freeholder. Most freeholders are usually happy to hold informal negotiations and they might even be keen to accept your proposition without involving a third person in this matter. If this is the case, then you can offer a lower price on the lease.
Step # 2
Consider selecting a valuation surveyor who has a sound understanding of both legislation and the local property market. When considering house conveyancing it is always best to take professional advice and assistance from experienced property solicitors. You might consider a surveyor who is based on the outskirts of the city centre thinking it will be cheaper but by paying extra, you will be able to benefit from an expert and qualified property solicitor.
Finding a good solicitor. This step can be interchanged with step 2 and if you know a professional property solicitor for house conveyancing who can recommend a reliable valuation surveyor or vice versa then go to them first.
In case your leaseholder didn’t take notice of your informal notice then you will be required to serve a tenants’ notice which can be handled by your property solicitors. It always best to obtain professional help when dealing with residential leases because sometimes things can spiral out of control.
At this stage you will be required to pay any deposits that a landlord states. This is usually 10% of the lease cost and needs to be paid within 14 days of notice.
Negotiate a price!