If you are thinking about getting an extension on your lease, then you should know that the process is cushioned is a large amount of legislation.
Even the most basic issue of determining whether or not a property is eligible for lease extension has limitations applied: e.g. with crown properties or National Trust properties. Therefore, it really is vitally important for you to instruct a specialist lease extension solicitor; one who can help you negotiate your way through the potential minefield involved in extending your lease.
When applying for a lease extension, there are set procedures that need to be followed in order; then there are very strict timescales in which notices etc. require responses. Once the official Tenant’s Notice is served on the landlord (which is what actually gets the ball rolling in this regard), you need to be aware that a landlord can then serve a ‘Counter-Notice’: again there are timescales and procedures set out under The Leasehold Reform Act 1993 for this.
As far as the Tenant’s Notice is concerned, this must be set out in a prescribed manner and this is defined in s.42(3) of the 1993 Act. If there is any of the relevant information missing on this notice, this will definitely hold-up the lease extension process and inevitably prove to be more costly for you in the end.
Even if the main procedure goes swimmingly, when you extend a lease, there remains the issue of the ‘terms’ of the new lease to be granted. Unless you are extremely knowledgeable in this area of law, you cannot hope to know whether or not the new lease complies exactly with the legislation that is in place. This is where instructing a specialist lease extension solicitor becomes vitally important, again.
The main valuation of leasehold extensions is another area that is best handled by an experienced professional. The question of valuation will not be not handled by the solicitor that you have instructed -you will need to appoint a specialist lease extension valuer who will need to have a good knowledge the principle the leasehold extensions, along with understanding local market conditions and prices in order to come up with the most accurate cost for sending your lease.
Lease extension can prove to be a very stressful transaction to go through. There is no way you could really handle this on your own: after all, what would you do if you received a counter-notice from your landlord, and how would you even know where to start where the actually valuation is concerned?
Instructing professionals to assist you in this process is best done from the very outset! Any attempt to save a few pounds along the way, when you look to extend a lease, will prove a false economy.