How do solicitors help with the lease extension process?

Having an expert Solicitor on your side will make a tremendous help when you want to get an extension to the lease of your flat. Here are some of the things that your Solicitor will do to make sure that your lease extension is completed quickly and with as little stress for yourself as possible: 

  • Check that you are entitled to apply 
  • Find out who is the ‘competent landlord’ who will grant the new lease – not always the person you think 
  • Finding out the correct address for service of the statutory S42 Notice 
  • Completing and serving the S42 Notice, making sure that it complies with all the requirements of relevant legislation 
  • Checking that any counter-notice served by the landlord is valid, and advising on further action required 
  • When the amount to be paid for the lease extension and any other terms have been agreed, completing the new lease and registering it at the land registry  
  • If no agreement is reached, or if the landlord cannot be traced, making an application to the Leasehold Valuation Tribunal 

It is essential that any statutory notice for a lease extension should be valid, and served on the correct landlord. If a notice is challenged by the landlord and is deemed to be invalid, the leaseholder will be barred from serving a further notice for some time.  

Before a notice can be served

Before a notice can be served it is necessary to ascertain whether the immediate landlord can grant a new lease extending ninety years beyond the expiry date of the existing lease. If the immediate landlord cannot do so, ( e.g. because they only have a lease themselves) then it is necessary to trace the correct or ‘competent’ landlord on whom to serve the notice.

It is also important that once the premium and other terms have been agreed, a new lease is completed and registered. This will involve dealing with the landlord’s Solicitor and ensuring that the new lease meets the current requirements of the land registry.

Arrangements with existing mortgage lender

Arrangements also need to be made with any existing mortgage lender – a lease extension involves the grant of a new lease, which will be separately registered at the land registry, so the lender’s legal charge has to be transferred to the new title. Your Solicitor will ensure that this is all completed so that your new registered title will show that you now own the extended lease.

The Leasehold Advisory Service, which was set up by the Government to provide advice to leaseholders and others on the law affecting residential leasehold property, says:

“You should ensure that your chosen advisers have full knowledge and experience of the relevant legislative practices and procedures. ”

Fridaysmove works with highly knowledgeable and experienced Solicitors and Surveyors to bring you an 'all under one roof' solution to extending your lease.

 


by admin
Monday 14th of September 2015 09:34:29 PM