Lease Extensions
With offices across Lincolnshire and East Yorkshire, including Lincoln, Grimsby and Hull, our professional and caring solicitors can help.
Lease Extension Solicitors
When the lease expires, ownership of the property can revert to the freeholder unless you can agree to extend or purchase the lease. Once the lease has less than 80 years left to run, it can be problematic if you wish to sell, as many mortgage lenders will not offer mortgages on a property with a short lease, and the cost of a statutory extension is significantly higher. Therefore, extending your lease at the opportune time could be beneficial, especially if you plan to sell your leasehold property.
Have you purchased a leasehold property and are considering extending your lease?
Our specialist conveyancing team has the knowledge and experience to help you with the legal process involved and handle any negotiations with the freeholder if need be.
Need leasehold property advice? Get in touch with any of our offices today or call 0800 987 8800.
Leasehold Extension Solicitors Lincolnshire and East Riding of Yorkshire
Bridge McFarland is an established and progressive law firm, and we have been providing conveyancing and leasehold property services to clients in Lincolnshire and the country for many years. Our experienced property team will be able to advise you of your rights and the steps you should take if you would like to extend or purchase your lease.
We can guide you through the entire leasehold extension process, including:
- Reviewing and advising you on the terms of the new lease.
- Advising you on the documents prepared by the freeholder or request the other party for amendments.
- Carry out the necessary conveyancing process on the new lease.
How much will it cost?
We will always ensure you are fully aware of all costs, and your conveyancer will go through these with you. You can view our costs for standard conveyancing transactions here: our transparency costs information. Alternatively, please call us today and speak to one of our friendly conveyancers for a quote.
Please note that our fees and disbursements are subject to VAT at the prevailing rate.
Get in touch with our Leasehold Extension Solicitors today
Need advice about a leasehold extension? Contact any of our offices today or call 0800 987 8800.
Other Legal Services
We can also provide specialist legal advice on other areas of law that may be relevant when dealing with conveyancing, such as Wills, Lasting Powers of Attorney, Estate Management, and Family Law.
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Frequently Asked Questions about Lease Extensions
If your lease has fewer than 100 years remaining, it is worth taking legal advice. Many leaseholders choose to extend before the lease reaches 80 years, as the cost can increase significantly once this threshold is crossed. A shorter lease can also make it more difficult to sell or remortgage your property. If you are unsure of the remaining term on your lease, we can advise you on your options and the most appropriate next steps. You can also find further guidance on lease terms through the Leasehold Advisory Service (LEASE).
Once a lease drops below 80 years, the cost of extending it can increase substantially. In addition, some mortgage lenders may be reluctant to lend on properties with short leases, which can affect both the property's value and marketability. Taking advice early can help you avoid unnecessary costs and delays. Our lease extension solicitors can explain how the length of your lease may affect your position.
The cost of extending a lease depends on several factors, including the value of the property, the length of the remaining lease, the ground rent payable and whether the matter proceeds by agreement with the freeholder or through the statutory process. In addition to legal fees, you should also need to budget for valuation fees and Land Registry charges. Please contact our team for a tailored quotation.
Recent leasehold reforms have changed some of the eligibility requirements for lease extensions. Depending on your circumstances, it may now be possible to begin the process sooner than was previously allowed. As the rules can be complex, seeking legal advice at an early stage can help you understand your rights and avoid costly mistakes. The Government's leasehold reform measures and guidance from LEASE provide further information on recent changes.
In many cases, extending a lease before marketing a property can make it more attractive to buyers and mortgage lenders. A longer lease can also help to preserve the property's value and reduce concerns during the conveyancing process. If you are planning to move, our conveyancing solicitors can advise on whether extending your lease before selling is likely to be beneficial in your circumstances.
The timescale for a lease extension will depend on the circumstances of the transaction and whether terms can be agreed quickly with the freeholder. Straightforward matters may be completed within a few months, while more complex cases involving negotiations can take longer. Our conveyancing solicitors will guide you through the process and keep you updated at every stage.
Yes. Some leaseholders choose to negotiate an informal lease extension directly with their freeholder. However, it is important to understand the legal and financial implications before agreeing to any terms. A solicitor can review the proposed lease, advise you on your rights and negotiate amendments where necessary to protect your interests. Our lease extension solicitors can assist throughout the process.
A lease extension solicitor can advise you on your legal rights, liaise with valuers, prepare and serve any required statutory forms, finalise the terms of the extension with the freeholder’s solicitors, complete the conveyancing work (including dealing with any mortgage lender requirements) and arrange registration of the updated lease with HM Land Registry. Bridge McFarland's solicitors can manage the entire process on your behalf.
A lease extension can help maintain or improve the value of a leasehold property, particularly where the remaining lease term is becoming short. It can also make the property more attractive to potential buyers and lenders when you come to sell or remortgage.
The Leasehold and Freehold Reform Act 2024 introduced several reforms designed to make lease extensions easier and more beneficial for leaseholders, including longer extension terms and changes to eligibility requirements. Some measures have already been implemented, while others are being introduced gradually. As the law continues to evolve, it is sensible to obtain up-to-date advice from a solicitor before making any decisions.
In many cases, qualifying leaseholders have a legal right to extend the lease on their property under the statutory lease extension process. However, eligibility depends on factors such as the type of property and your circumstances. Alternatively, it may be possible to agree an informal lease extension directly with your freeholder. Our solicitors can advise you on the options available, explain your rights and help you choose the approach that is most suitable for your situation.
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