Do I need to use both a Solicitor and a Valuer?
Yes to both! When looking to extend your lease, you definitely need a specialist valuer to establish how much the reversionary interest is worth to the landlord and how much your extension will affect this value. This will then give you an idea of what amount to propose in your initial notice to the landlord and will give the potential scope for negotiations.
What will my surveyor do?
When it comes to extending a lease, a valuer/surveyor will normally complete the following tasks:
Give you a best case scenario (lowest amount you can expect to pay by way of a premium) and worst case scenario (highest amount that you can expect to pay) valuation on the on the likely cost to extend your lease
Advise you upon what your best possible outcome from negotiations will be;
Indicate what price you should put forward in the initial notice;
Advise upon what reply to give to a counter-notice from the landlord; and
Help you by giving expert evidence in the unlikely event that your case ends up in a Leasehold Valuation Tribunal.
However any lease extension can be complex and it is likely that you will need legal assistance when negotiating with your landlord over any premiums payable.
What will my solicitor actually do?
Any application to extend your lease involves a complex area of law. In particular there are some very tight time limits – and some unscrupulous landlords know how to play the rules. So when you come to appoint a solicitor, make sure that you get someone who specialises in lease extensions and really understands this complex field.
When you apply to extend your lease, your solicitor will normally complete the following tasks on your behalf:
Prepare all the relevant information for your initial notice application;
Service the initial notice upon the ‘competent landlord’ and forward copies to all other landlords;
Negotiate the legal documentation;
Complete the legal conveyance of your new lease.
Considering trying to extend your lease – speak to us today
Don’t forget that your initial phone consultation with us will cost you nothing and set you on the right road. So if you want to know more about how to extend your lease, for FREE initial phone advice call us now:
- FREEPHONE 0800 1404544
- Phone 0800 1404544 or
- use the contact form below:
Comments or questions are welcome.