Lease Extensions for Landlords

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Lease Extensions for Landlords

Are you a landlord thinking about extending the leases of flats?

Or, have you been served with a section 42 notice by a leaseholder requesting a statutory lease extension ?

SLC solicitors can act for you ensuring the process of extending the lease of a flat is hassle-free.

 

Statutory lease extension

The statutory process has strict time limits so you should get advice as soon as  you receive a section 42 notice. This will ensure that you have time to properly respond within the time limit. You may need valuation advice as well as legal advice.

Although there are very limited grounds for refusing a statutory lease extension you need to check in all cases that the notice has been validly served and that the building meets the eligibility criteria in the legislation. You may also need advice on whether there are changes to the existing lease that can be incorporated into the new lease (although there is limited scope for this as the leaseholder is entitled to extend their lease on the same terms save some exceptions).

In all statutory lease extensions the term of the lease will be extended by 90 years and the ground rent reduced to a peppercorn – a premium is payable by the leaseholder to the landlord to compensate for the lease extension.

The leaseholder requesting the extension is responsible for the costs of the landlord (so long as those are reasonably incurred).

If terms cannot be agreed between you and the leaseholder,  SLC solicitors can act for you at Tribunal. The tribunal can determine the premium or amount of costs due in the event of a dispute. The majority of cases do not require a Tribunal hearing as the parties are able to reach agreement.

 

Complete the form below and one of our specialists will call you to discuss:

Lease extension by agreement

It might be more beneficial for you to offer the leaseholders a lease extension outside of the statutory scheme. This can give you more control of what is to be contained in the new lease and how long the extension is to be (you are not bound to extend by 90 years). You could also retain a ground rent. SLC solicitors can assist and advise you on this process.

The leaseholder requesting the lease extension is usually responsible for the costs of the landlord in extending the lease.

Why use SLC Solicitors?

We’ve helped hundreds of landlords with their lease extension requirements.

We are the specialist  lawyers for the property management sector.

We offer a free telephone call to all landlords wishing to discuss their lease extension requirements. Fill out the form below and a member of our specialist team will be in contact to discuss your requirements.

SLC Solicitors surpass expectations. Professional in their approach and yet easy to communicate with and instruct. I would not hesitate to recommend their services to other managing agents at any opportunity. Bourne Estate Agents

Complete the form below and one of our specialists will call you to discuss:

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