A Guide To The Lease Extension Process
Formal Route
Step 1
Your surveyor visits your property and prepares a valuation which will tell you what they believe the premium should be and how much you should offer to your landlord.
Step 2
Based on the surveyor’s valuation your solicitors prepare your Section 42 notice and send it to your landlord.
Step 3
Your landlord has two months in which to respond to your Section 42 notice saying whether they agree with your proposed premium or whether they think it should be higher.
Step 4
Terms are agreed and your solicitors deal with the landlord’s solicitors to prepare the new lease reflecting the terms that have been agreed.
Informal Route
Step 1
Normally your freeholder will ask you to pay in advance for their surveyor to visit the property.
Step 2
The freeholder offers terms for the lease extension. Remember there are no rules governing what they can offer.
Step 3
You need to get your own valuation advice to check if what they have offered is fair. You either accept their offer or try to negotiate, remember they are not obliged to negotiate with you.
Step 4
Assuming you can reach a deal you instruct your solicitor to deal with the landlord’s solicitors to prepare the new lease reflecting the terms that have been agreed.
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If you are interested in hearing more about extending your lease, please submit the form below or call us on 0800 830 3388 for a free chat with no obligation.
Save up to 20%
With group discounts
Save up to 20% with Group Discount
When more than one of you extends your lease in the same block, we are happy to offer you the discount.