Want to extend your lease but not sure how? We've produced a useful E-book to help you through the process.
A leasehold flat is what is known as a diminishing or wasting asset. This means that over time, the market value of the property falls as the lease gets shorter. Once a leaseholder has 80 years or less remaining on their lease, they may find it has so little value on the open market that they are unable to sell it. But don't panic - luckily, the Leasehold Reform Housing and Urban Development Act 1993 gives all leaseholders who have owned their home for at least two years, the right to extend their lease. Under the Act, you have the right to add 90 years to what is left on the existing lease at a peppercorn rent. This means that no ground rent is paid. For example, if your lease has 70 years left to run, your new extended lease would be for 160 years. Lease extensions can be complicated and there are certain rules that need to be followed in order to complete the process successfully. Using a professional firm to help you makes sense, so click here to take a look at Ringley's step-by-step guide.
The E-book talks you through the process, explaining each step in detail. First, you will need to get a valuation so you can agree a price for the lease extension with your freeholder. The Leasehold Guidance Service is part of Ringley Chartered Surveyors, so one of our professionally qualified valuers can help, ensuring that you are able to settle on a fair price. Next, you will need to serve a notice on your freeholder, notifying them officially of your intention to extend your lease. Then the deal must be negotiated and, again, if you can't agree a price with the freeholder, we can help. Negotiations are carried out by a Ringley Director or an RICS-qualified surveyor and are charged at an hourly rate. If negotiations fail, we can take your case to the First Tier Tribunal for you. Once you have settled on a price, our in-house legal department will then complete the legal work on your behalf.
So go online and take a look to find out more and then give us a call on 020 7267 2900 . Our friendly staff are here to help. And if you want to know more about lease extensions, the Leasehold Advisory Service also has plenty of useful information to help get you started.
Mary-Anne Bowring FIRPM 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 MIRPM 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
Libby Chen MSc Compliance Manager
Operational Plant & Equipment strategy PPM Compliance lead, Asset tagging Client major projects
Dipesh Parekh Director PlanetRent
Customer centric, vertically integrated PropTech/fin-tech solutions.
Leana Aristodemou MIRPM MARLA AssocRICS Strategic lead: ESG & Asset Business Plan delivery
Financial modelling, valuation analyst to support underwriting & fund reporting.
Natalie Birmingham Helpdesk Support Manager
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Steve Norman Planning Director
Land due diligence (opportunities & constraints) Has contributed to a number of award winning schemes.