Short Lease

I wish to express my lease: FREQUENTLY ASKED QUESTIONS

My lease is short. Am I entitled to an extension of lease?

Yes, subject to various conditions and provided that you are the owner of the property for at least two years. In addition, the original lease must have been a long lease granted for such a period of 21 years or more. If you qualify, you must be able to obtain an extension of lease term for an additional period of 90 years (to add to the current period). You may also be able to stop paying rent.

I do not meet the requirements. How do I obtain an extension of lease?

  There are two ways to obtain an extension of the lease, either by mutual agreement with the landowner or a landowner in the service of a notice under section 42 of the Leasehold Reform, Housing and Development Urban Act of 1993 (known as "Section 42 Notice).

I have not my property belonging to another two years. Can I still get an extension of lease?

  Maybe if the owner is willing to grant an extension of you. The fact is he did not do it if you are not eligible.

What do you mean by "private agreement"? How do I negotiate?

You or your lawyer should contact the landowner and the application of its rules for an extension of the lease. If the landowner is willing to cooperate with you and grant an extension of the lease, he will write to you and let you know the premium (price), he wants you to pay for the extension of the concession period of years He is willing to give you and the rent.

The landlord will probably ask you to pay his legal fees and survey as part of the extension of the concession, which may be around £ 1500.00 exc, but perhaps more. He will appoint an expert to evaluate the mean extension of the concession to calculate the price they should ask the premium. You should also consider appointing your own surveyor to assess the cost of extending the concession. This is very important to ensure that you do not pay too high a price for the extension of the concession.

What is the extension of the lease likely to cost me?

  As mentioned above, the cost of extending the lease must be professionally value, but generally takes several thousands of pounds. You will need to instruct an expert and a lawyer to act for you and you are obliged to pay the tenants' land and legal costs.

You should keep in mind that each year the term of your lease is shortened and it becomes more expensive to extend the lease. This is especially true if your lease has less than 80 years to run. At this stage, the landowner is entitled to charge you an additional payment called "value" marriage. Marriage is the value of the amount of surplus value produced by taking the value of the lease extended to a peppercorn rent and deducting leasehold interests held by existing short you as a tenant, and the current interest in the freeholder of.

Once the terms have been agreed, a whole new lease is prepared by lawyers, a copy is signed by you and the copy is signed by the landowner. Once you have paid the premium of rentals and other charges mentioned above, your lawyer will register your new lease in the land register. Please note that if you have a mortgage, your lawyer must obtain consent from your lender. Some lenders charge a fee for providing this consent.

What happens if I can not agree on a price for the extension of lease with the landowner or refuses to grant me an extension of lease?

If negotiations fail and you Cano.