How can I apply to extend my lease?
The first thing you should do is contact us. In most cases, we will be able to guide you through the process, as there are several steps to follow:
- First we will establish your eligibility. You'll normally be able to apply if you have owned the lease for at least two years, however, in some cases we may agree to extend your lease at the time you buy it.
- We'll advise you to appoint a valuer and a solicitor. In simple cases it may not be essential, but we advise you to do so to protect your own interests.
- You or your solicitor will be required to apply to extend the lease. This may be done informally by letter, but in some cases, you may be required to submit a formal tenants' notice applying for the lease to be amended.
- We'll reply to your letter or notice. In most cases, we'll be able to agree to your proposal, but we may request further information or send you counter proposals. If we do not agree with your application, we will tell you the reasons.
- If we agree to your proposals, we may require a deposit to cover part of our costs.
- If we do not agree with your application, you may have the right to appeal the decision.
The costs involved with extending your lease will vary depending on the circumstances, but it could total several thousand pounds. The costs could include legal fees, valuation fees, landlord's costs and lease premium costs.