If you are looking to extend your lease of a property, it is important to ensure that the agreement protects you and your family, and is fair to both parties. 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 your landlord to extend the term of a lease by any length of time. If an agreement is not possible, you may be entitled to a lease extension of 90 years for a flat and 50 years for a house provided that you meet certain criteria such as owning the property for at least 2 years. A legal service provider will be able to advise you on the specific criteria.
There are some very limited exceptions which may mean you are not eligible for a lease extension, such as if the property is part of a National Trust area. An experienced legal service provider will be able to advise you 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 your landlord. 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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Lease Extension (Tenant)