Rent Reviews & Lease Renewals
Chartered Surveyors London
Lease ExtensionIf you require a Lease Extension on a flat, Richard John Clarke Chartered Surveyors are specialists in this field. It may be more than one flat in a block that requires a lease extension from the freeholder - or you may be looking to purchase the freehold for the property. All of these situations will benefit from our many years of experience within this field, as we will be able to advise you on assessments of the kind of costs you should be expected to pay the freeholder for the lease extension. Our experience and negotiating skills can save you from paying more than is needed to extend your leasehold.
Leasehold Extension - The BackgroundThe 1967 Leasehold Reform Act was a major reform in Leasehold Laws which gave leaseholders of a house the right to acquire either an extension (of 50 years) or the Freehold of the house. Two other requirements effected this Act - the lease needed to be termed as “low rent” and with a “long tenancy” for these rights to apply.
In 1993 the Leasehold Reform, Housing and Urban Development Act extended these rights to include lease extensions for flats and the right to purchase the freehold of a flat for qualifying tenants. Obtaining the lease extension for a flat within a block of flats is explained in more detail below. A major advance in this Act was that in a block of flats it gave the tenants the right to acquire the Freehold of their building - this is often referred to as collective enfranchisement.
Richard John Clarke Chartered Surveyors can offer Leaseholders and Freeholders a wealth of experience when it comes to advice on their rights and obligations under the above legislation. Not only do we offer specialist advice on Lease Extensions and Freehold Purchase, but also offer our services at a very competitive price and in a timely manner.
Lease Extension - FlatsThis is a more detailed overview of The Leasehold Reform Act. The Leasehold Reform, Housing and Urban Development Act 1993 (as amended) gives most leaseholders the right to receive an additional term of 90 years added to the existing term, rent free.
Freehold Purchase – Collective Enfranchisement of FlatsThe 1993 Leasehold Reform Act (as amended) gives the right for the qualifying majority of leaseholders acting together to acquire the Freehold.
Qualifying Leaseholders :-
Cost of Lease Extension / Freehold Purchase – PremiumThe Premium is the amount of compensation that the Leasehold pays to the Freeholder for either granting the extended lease at a nil ground rent or for transferring the Freehold to the Collective Leaseholders. This figure is calculated by taking a number of factors into consideration:-
Richard John Clarke will also provide the following services:
Association of Leasehold Enfranchisement PractitionersAt Richard John Clarke Chartered Surveyors, we are committed to our Continued Professional Development, therefore, we take an active part and are also members of The Association of Leasehold Enfranchisement Practitioners.
ALEP exists to ensure that valuers, solicitors, intermediaries and others involved in Leasehold Enfranchisement adhered to an agreed level of conduct and service.
Leasehold Enfranchisement Advice London
Our office is based in London, so if you wish to meet our Leasehold Enfranchisement Expert, you can arrange an appointment at our London office. We can assist and advise on all Leasehold enquiries from throughout the UK.
Premier Estimated Valuation Service - Lease Extension or Freehold PurchaseRichard John Clarke offers a Premier Estimated Valuation Service, the aim of which is to give an estimate for the cost of extending the Lease Extension or Freehold acquisition.
Prices start from £200 plus VAT. Please call 020 7499 8043 to discuss.
This is only suitable where the client is just interested in a “ball park” figure to enable them to decide whether to proceed any further.
Inspected ValuationRichard John Clarke offers an Inspected Valuation Service which, provides a more accurate Premium when it comes to calculating the correct costs involved with extending a lease or buying the freehold of a property.
This in our view is essential prior to the service of any notices.
Richard John Clarke will:-
Recent Lease Extension or Freehold Transactions & Testimonials
Lease Extension Advice Towards Selling Flat
Flat, Cornwall Gardens, Kensington and Chelsea, London, SW7
Freehold Purchase on Flats
Two flats in Downsfield Road, Walthamstow, East London, E17
Freehold Purchase on Flats
Two flats in Stanley Road, South Woodford, East London, E18
Lease Extension Flat
Dryden Close, Hainault, Essex, IG6
Lease Extension on Property
Marlborough Road, South Woodford E18
Block of Flats Lease ExtensionMany London residents live in flats and own the flat leasehold. As there are time limits within a leasehold agreement, the option of extending the leasehold or buying the freehold will eventually arise - it is usually advisable not to let your lease run to low, due to the increase in cost when purchasing or extending is dramatically effected by the length left in the lease. If you own a flat within a block of flats, there are several other issues involved which make the transaction of a lease extension or buying the freehold more complicated.
If you are in this position and you are considering purchasing the freehold or applying for a lease extension, speak to us for some straight forward advice on the best way to arrange this - you could save yourself a lot of money, time and effort, by discussing with us the basics of a flat lease extension or freehold purchase within a block of flats. We offer a free ten minute consultation - just call on 020 7499 8043.
Richard John Clarke - Chartered Surveyors