A Lease is a document under which land or property is conveyed to another for a set period of time, a new Lease does not have a fixed length so it can range from 99 years to 999 years.
It is often the case that either in the course of a sale or purchase, or independently, that the length of a Lease needs to be extended. There are two processes by which a Lease can be extended, either via the statutory route or via the informal route.
If a Lease is to be extended via the statutory route then one of our Contentious Property team has extensive experience in serving the relevant notices and negotiating the relevant terms and premium on behalf of either Freeholders or Leaseholders.
Where a Lease term drops below 80 years the capacity for a premium to significantly increase also tends to increase.
If the Lease is to be extended on an informal basis then terms are agreed without such notices directly between Freeholder and Leaseholder.
Where the relevant statutory notices have been served and terms agreed the following process is followed:
Informal and Statutory Process Lease Extension by Communications Michelmores
Gemma Gilbert & the conveyancing team at Michelmores guided us through our property purchase with patience, tenacity and total professionalism. She responded swiftly to all our questions, never left us in the dark and was always approachable. Would not hesitate to recommend her and Michelmores as the go-to team.
Mrs G, Google Review
Thank you to Louise Peters and the whole team at Exeter for all their help in the sale of our house recently. The communication and information given throughout the whole process was brilliant. Complete professionals at the top of their game. Thanks for making the whole process easy and smooth. Looking forward to working with you again when we purchase our next property.
Mr P, Google Review
