A long lease extension formally agrees the continuation of an agreement between a landlord and a tenant. It may require lease terms to be updated or amended. Find and compare legal service providers now.Compare now
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A legal service provider is well placed to draw up a lease extension and ensure that the terms between the two parties are fair and transparent. Here is some basic advice and guidance to help inform your choice of legal expert.
Both landlord and tenant can begin the process of extending a lease, though it is usual for the tenant to request this. A tenant would normally approach the landlord informally to see if they are willing to extend the lease and to see if the terms can be agreed.
You can agree with the tenant to extend the term of a lease by any length of time. If an agreement is not possible, the tenant may be entitled to a lease extension of 90 years for a flat and 50 years for a house provided that they meet certain criteria. A legal service provider will be able to advise you on the specific criteria.
There are some grounds on which you can refuse a lease extension. For example, if there are less than 5 years remaining on the lease and you wish to redevelop the property, you may be able to refuse an extension. A legal service provider can give you expert advice on the exceptions that may apply.
A premium is the money paid by the tenant to the landlord for granting the lease extension. It may be possible to agree the premium with the tenant. If an agreement cannot be reached, there is a formula that can be used to calculate the premium. It is important to take advice from an expert in relation to the premium to be paid on a lease extension.
When selecting a legal service provider, it is important to look for a firm with expertise in lease extensions. You will also need to consider cost, location and reviews to see if they are the right fit for you. Find out more about the legal service providers suited to your case by reading their company biographies direct from the comparison table.
Most legal service providers will act on a fixed fee or hourly rate basis. Find the best solution for you by comparing costs with The Law Superstore now.
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