Some important information about your lease

As a valued client of Cavendish Legal Group, we wanted to let you know about the significant benefits you stand to gain by extending your lease. Changes in the law mean that property owners now have the automatic right to get a lease extension or in some cases enable you to acquire the freehold to your premises. Lease extensions increase the value of properties. But many of our clients do not know about this opportunity which is why we wanted to explain it to you directly.

Call us on 020 8509 6816 or email leaseextensions@clglaw.co.uk for further information or a quote.

Why extend your lease today?

For every day you leave your lease un-extended, your property loses a bit of its value. The shorter your lease, the less its worth and the more expensive it becomes to extend it. Short leases have a significant impact on the sale price. For leases that are less than 80-85 years the data shows that many buyers are put off altogether and at sub-70 years banks are put off offering mortgages. At the same time, for those leases sub 80 years, the extension price dramatically rises.

Extending the lease under the ‘90-year lease extension’ program, now automatically entitles leaseholders not only protection against the devaluation of the property but often has the effect of reducing your ground rent to zero.


“We’ve acted for hundreds of clients who have increased the values of their properties by instructing on this fairly straightforward process. From first call to completion in just a few easy steps. And for the client, the whole thing is hassle free”

Jonathan Frankel, Senior Partner, Cavendish Legal Group

Call us on 020 8509 6816 or email leaseextensions@clglaw.co.uk for further information or a quote.


Why use Cavendish Legal Group?

 As the largest property firm in London and the South East, we have established our business purely by word of mouth. We don’t run ads, we don’t cold call. We do however, provide a boutique style specialist service that our clients truly appreciate.

Cavendish Legal Group are offering a FREE 30 minute complimentary consultation so you can establish how much your lease extension will be worth to you personally.

Cavendish Legal Group are specialists in enfranchisement and lease extension work. This means we are efficient, professional and savvy and will know how best to maximise your value while minimising your costs.

Cavendish Legal Group is rated as excellent by both the Law Society’s Lexcel and Conveyancing Quality Standard. These are independent quality control institutions that monitor all professional legal service firms in the UK.

All Cavendish Legal Group matters are run by expert Solicitor teams overseen by our experienced team of Partners.

Cavendish Legal Group are easy to work with; get in touch by phone, by email or pop in to see us at one of our locations in London and the South East.

As you previously instructed Cavendish Legal Group in connection with a property purchase, we noticed that you are eligible for the 90-year lease extension and that, as our clients testify, we are well placed to achieve this for you,


 

“I am pleased to provide a testimonial for Jonathan Frankel and his team at Cavendish Legal who have assisted me personally and professionally during the past five years or so.

The way in which they have looked after my lease extension and enfranchisement matters has kept stress levels to a minimum and the end results completed on time with minimum fuss.”

Philip Waterfield, Director, Strettons


 

What is a lease extension and what are the requirements?

Under legislation known as the Leasehold Reform, Housing and Urban Development Act 1993 (as amended), leaseholders are entitled to claim a statutory lease extension which enables them to force their landlord (often their freeholder) to grant them an extended lease of their flat.

The requirements to claim a statutory lease extension are that:

  1. You have owned your flat for at least 2 years.
  2. Your lease is a ‘long lease’ i.e. granted for more than 21 years from its original term.

We can see from our records that you have owned your flat for over 2 years now and you have a long lease. As such, you will be eligible to apply to your appropriate landlord for a lease extension.

A lease extension can either be agreed with the freeholder (i.e. outside the statutory legal framework i.e. by way of negotiations between you and the freeholder), or by way of following the statutory procedure.

Call us on 020 8509 6816 or email leaseextensions@clglaw.co.uk for further information or a quote.

How does this benefit you?

In return for you paying an agreed premium (assessed at the correct market rates), your lease will increase by a further 90 years. It will also turn your existing liability in relation to ground rent into a peppercorn – i.e. zero! As you will have exercised your right to extend the lease, your landlord cannot resist the extension so long as you qualify to extend your lease and comply with the necessary procedure.

The advantages of getting a lease extension are:

  1. It will maximise the value to your flat which is important irrespective of whether you are intending  to sell it in the short term or not; and
  2. If your lease is extended then your flat will be easier to sell, once you decide to sell it. The reason being that most mortgage providers will require that the remaining lease term is of a required minimum length before they agree to lend money on a property. This will avoid you having to agree what could be a substantial reduction of the purchase price.

 

The general rule is that as the lease becomes shorter, the more expensive it will become to extend it. In actual fact, as soon as a lease has less than 80 years left to run, under current legislation, the freeholder is entitled to calculate and charge an additional premium when granting you your lease extension. Therefore our best advice – contact us now so we can start the process for you!

Cavendish Legal Group  

Call us on 020 8509 6816 or email leaseextensions@clglaw.co.uk for further information or a quote.