Leases & Extensions

Practice Area Specialist:

 

Mark Coupe

Mark heads up our Lease Extensions and Enfranchisement team acting for tenants who are extending their leases or grouping together to buy their freehold as well as for landlords.

Mark also acts for GP practices and for dentists who are buying and selling practices. He has a wealth of experience of all aspects of commercial property work and assists both private individuals and companies whether they are buying, selling or leasing commercial property.

The lease of your flat gets shorter every year. As a result of this, a lease is a wasting asset and if you let the length of your lease drop too low, there is a danger that it can seriously reduce the value of your property. If it becomes lower than 80 years, it could become difficult to sell or re-mortgage your flat.

Stillwells are specialist lease extension solicitors, able to guide you through the process using plain English. All of our services are undertaken by a partner and for a fixed fee, which means the process is often shorter due to our familiarity in this area whilst offering excellent value for money.  

Stillwells is proud to be a member of the Association of Leasehold Enfranchisement Practitioners (ALEP), which gives testament to our consistently high level of service, integrity and professionalism.

Whether you are a property owner needing assistance with lease extensions, a seller wishing to serve notice on your landlord or a buyer looking to purchase a leasehold property, Stillwells offers a range of bespoke services to help. We also have significant experience dealing with Residents’ Associations and are able to advise on a number of issues relating to leases. The longer you leave it to extend your lease, the more it could cost you.

Contact Mark Coupe today for a friendly, no-obligation consultation on 02380 727173.

How can I extend my lease?
Fortunately the law has provided a solution; all flat owners in England and Wales who satisfy some fairly straightforward conditions are entitled to add a further 90 years to the term of their lease in return for a payment (often called a premium) to their landlord. The law also provides a formula for working out the premium so it is not simply up to the landlord to pluck a figure out of the air! You also have the right to insist that once your lease is extended you won’t have to pay any more ground rent, so no more cheques to the landlord every year.
Why can’t I just leave extending my lease until I sell my property?
This is rarely a good idea. Potential buyers may be put off by a short lease and either, not make an offer in the first place or, pull out as soon as they become aware of the issue. Some buyers might be interested but insist on the lease being extended before they buy which will cause delays and increase your conveyancing fees. If you find a buyer who is happy to buy your short lease they will invariably want to reduce the price, often by more than it would have cost you to extend the lease yourself.
Won't it cost a lot to extend my lease?
Not necessarily, extending your lease could cost less than you think and don’t forget that under your new lease your ground rent will disappear, saving you money every year. For your peace of mind, our charges are fixed so there’ll be no nasty surprises when you get our bill.