The Lease Extension Company
Surveyors in London
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What you should know about The Lease Extension Company
At the LEC we have brought together the industrys leading experts in lease extensions, solicitors and surveyors together in one specialist team.Extending your lease is fundamentally a legal process, in a complex area of law. The process begins with your own survey valuation of your property and the quality and precision of this valuation report will have a direct impact on the premium (the price of your lease extension) you are required to pay to your Freeholder or Landlord.Using our Industry leading experts we will ensure you are provided with the very best service and we will be here at any point in the process to answer any questions you have.Using the LEC will:Save your time seeking out an expert valuer and solicitorSave you money our fixed fee saves you money vs. engaging the solicitors and surveyors directlyReassure you the industrys leading experts will be undertaking your lease extension
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Eligibility Check:The first thing to establish is that you qualify for a lease extension.If you have owned your property for at least two years, you have the legal right to extend the lease under The Leasehold Reform, Housing and Development Act 1993.This act adds 90 years to your current unexpired term and reduces your ground rent to zero (peppercorn).If you have not owned your property for two years, you can proceed with an informal lease extension (where you agree to the terms directly with your freeholder) or wait for the two years to pass. The Initial Consultation:Enjoy a free, no-obligation quotation from us. We will help you choose a plan of action that provides the best value for your property and circumstances.We can also help you determine which path to choose: the statutory (legally protected route) or the informal (direct) route.We often recommend the statutory route to leaseholders who have owned their property for a minimum of two years, as it offers many benefits and legRead more...
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Informal Lease Extension Route:This process is dependent on you as the leaseholder (tenant under a lease) agreeing terms of the premium (price payable to the landlord for the extension) and length of the lease directly with the freeholder (or landlord).As the process is informal it is not governed by legal statute, which means as the leaseholder you have less legal protection until each parties solicitors give a legal undertaking of the terms agreedThe freeholder is in the driving seat and can make changes to the terms (small print) of the agreement or simply change their mind at any point in the process until a legal undertaking is given by the solicitorsIn addition there is no legal recourse if a freeholder does not abide by the terms you initially agree under an informal agreement or the opportunity to seek one via the property tribunal in the event of a disputeIf your property is mortgaged you are legally obliged to obtain the legal approval of your mortgage lenderIt can be a good Read more...
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