When It Comes To Lease Extensions, It Pays To Start Early Some might say that the process of lease extension can almost be as stressful as buying a property in the first place. A leasehold extension can be a long and complicated process involving surveyors, solicitors and tribunals. Here at Block Management UK Ltd we're very familiar with the practise of lease extensions. One of the lease services that we provide to both freehold landords and leaseholder clients is in administering informal lease extensions. We've gone through quite a few of these extensions, so here are three recommendations that may help smooth the process - whether formal or informal - for all parties. Don't leave it too late If you're a leaseholder, we always recommend you are aware of the provisions of your lease especially how long the lease has left to run. There is nothing worse than going through a legal proceeding with a ticking clock. Whilst we try to keep the lease extension process as short and painless as possible, if there are negotiations to make this can lengthen to overall time it takes to come to an agreement. Our advice is to begin the process early. Don't delay, especially if your lease is approaching the 80-year mark. Understand that this is a negotiation Both parties have rights and a successful (that is, a swift and agreeable conclusion) usually comes from leaseholder and freeholder understanding the concerns of the other side. Issues such as the valuation of the lease extension may occur. Be patient A formal lease extension has a series of steps some of which cannot be made shorter (particularly after the section 42 Notice is served). Help yourself out by responding quickly to enquiries and having your financing arrangements in place. -- We try to simplify the informal lease extension process on behalf of our clients. Our service includes: Visual survey of the exterior of the property Current market valuation of property with existing lease Current market value of property with extended lease Order up-to-date lease and land registry entries Three separate quotations for the extension of the lease Open and transparent negotiations required to reach an agreement We can produce a quote for you in just ten days. The quote will take in the many different elements that affect a lease extension such as the marriage value and the difference between the value of the freeholder's interest now with the present lease and the value of that interest after the grant of the new lease once the extension is applied. The quote typically offers three different options to suit your future plans and budget. A statutory extension to your lease by an additional 99 years on top of your remaining years, with a new ground rent set as peppercorn (zero). An extension to your lease by an additional 99 years on top of your remaining years, with a new ground rent that increases over a period of time An extension to your lease to 99 years in total, with a new ground rent that increases over a period of time With each option the premium will be different. The quote will be valid for 30 days so you have plenty of time to consider which option works best for you. To secure this offer you pay just 5% +VAT deposit. Once this deposit is paid you have a further five weeks to instruct solicitors. To find out more about our lease extension service, call our Customer Services on 01787 211 801. To see Block Management UK Ltd at work watch the recent business case study video that our communications partner Vodafone made about us. For a free online quote, visit our Quotation Form. (10 July 2018 )

When It Comes To Lease Extensions, It Pays To Start Early

Some might say that the process of lease extension can almost be as stressful as buying a property in the first place. A leasehold extension can be a long and complicated process involving surveyors, solicitors and tribunals.

Here at Block Management UK Ltd we're very familiar with the practise of lease extensions. One of the lease services that we provide to both freehold landords and leaseholder clients is in administering informal lease extensions.

We've gone through quite a few of these extensions, so here are three recommendations that may help smooth the process - whether formal or informal - for all parties.

Don't leave it too late

If you're a leaseholder, we always recommend you are aware of the provisions of your lease especially how long the lease has left to run. There is nothing worse than going through a legal proceeding with a ticking clock.

Whilst we try to keep the lease extension process as short and painless as possible, if there are negotiations to make this can lengthen to overall time it takes to come to an agreement. Our advice is to begin the process early. Don't delay, especially if your lease is approaching the 80-year mark.

Understand that this is a negotiation

Both parties have rights and a successful (that is, a swift and agreeable conclusion) usually comes from leaseholder and freeholder understanding the concerns of the other side. Issues such as the valuation of the lease extension may occur.

Be patient

A formal lease extension has a series of steps some of which cannot be made shorter (particularly after the section 42 Notice is served). Help yourself out by responding quickly to enquiries and having your financing arrangements in place.

We try to simplify the informal lease extension process on behalf of our clients. Our service includes:

Visual survey of the exterior of the property
Current market valuation of property with existing lease
Current market value of property with extended lease
Order up-to-date lease and land registry entries
Three separate quotations for the extension of the lease
Open and transparent negotiations required to reach an agreement

We can produce a quote for you in just ten days. The quote will take in the many different elements that affect a lease extension such as the marriage value and the difference between the value of the freeholder's interest now with the present lease and the value of that interest after the grant of the new lease once the extension is applied.

The quote typically offers three different options to suit your future plans and budget.

A statutory extension to your lease by an additional 99 years on top of your remaining years, with a new ground rent set as peppercorn (zero).
An extension to your lease by an additional 99 years on top of your remaining years, with a new ground rent that increases over a period of time
An extension to your lease to 99 years in total, with a new ground rent that increases over a period of time

With each option the premium will be different. The quote will be valid for 30 days so you have plenty of time to consider which option works best for you. To secure this offer you pay just 5% +VAT deposit. Once this deposit is paid you have a further five weeks to instruct solicitors.

To find out more about our lease extension service, call our Customer Services on 01787 211 801.

To see Block Management UK Ltd at work watch the recent business case study video that our communications partner Vodafone made about us.

For a free online quote, visit our Quotation Form.

(10 July 2018 )

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