Mary-Anne Bowring 02/09/2020
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Understanding Leasehold and Lease Extensions
- Leasehold properties are considered "diminishing assets," meaning their value decreases as the lease gets shorter. Once the lease has 80 years or less remaining, selling the property can become difficult.
Your Right to Extend Under the Leasehold Reform Act
- The Leasehold Reform Housing and Urban Development Act 1993 grants leaseholders the right to extend their lease by 90 years with no ground rent if they’ve owned the property for at least two years.
The Step-by-Step Guide to Extending Your Lease
- Ringley offers a detailed E-book outlining the steps to extend your lease, including getting a valuation, serving a notice to the freeholder, and negotiating the price.
Valuation and Negotiations
- A professional valuation is necessary to agree on a fair price for the lease extension. Ringley Chartered Surveyors can assist with this process. If price negotiations with the freeholder fail, Ringley can help take the case to the First Tier planetrent.co.uk/blog/could-a-tax-tribunal-ruling-mean-btl-investors-avoid-3-stamp-duty-surcharge'>Tribunal.
Legal Support and Finalizing the Extension
- Once an agreement on the lease extension price is reached, Ringley’s in-house legal team will handle all necessary legal work to complete the process.
Additional Resources
Meet our Expert Property Commentators
Mary-Anne Bowring FTPI FRICS FARLA FCABE Founder/Head of Asset Management
Strategic partnerships, holistic delivery/ opportunities, growth, value engineering, thought leadership
Ian Barber MD BTR Mobilisation & Leasing
Runs HQ & site lease-up teams. Drives rent pricing, mobilisation, marketing, happy residents!
Jon Curtis MRICS Head of Building Engineering
Chartered Building Surveyor. Lectures on EWS1 & building safety. Runs CapEx programmes.
Kate Robinson MTPI MD Blocks/FM Management (London Region)
Master plan setup, ops and staffing and resident engagement. ISO45001 champion.
Lee Harle Partner Ringley Law
Plot conveyancing. Debt litigation. Group Company Secretary.
Anthony Kingdon MIRPM AssocRICS MD Blocks/FM Management (North Region)
Stakeholder engagement. Mixed tenure specialist. Budget management. Plant audit, PPM compliance.
Chris Georgalis MRICS Head of Commercial Valuation
Chartered Valuer. Rental valuations: retail, leisure. IRR modelling and valuations for secured lending. Compulsory purchase & rent reviews
Nichola Pughe MRICS Head of Residential Valuation
Chartered Valuer. Rental development & mixed use valuations, IRR modelling. Leasehold enfranchisement specialist
Natalie Birmingham Helpdesk Support Manager
Trainer & Helpdesk Manager: people, systems,contractors. ISO45001 supply chain accreditation.
Steve Norman Planning Director
Land due diligence (opportunities & constraints) Has contributed to a number of award winning schemes.
