FREQUENTLY ASKED QUESTIONS

Q. Why instruct Prime to manage my lease extension?
A. By instructing a valuation specialist you will be provided with a detailed valuation report which will explain how much you can expect to pay. Prime have the negotiation expertise to ensure that you do not have to pay more than you need to.

Q. Why should I extend my lease now?

A. As the lease length shortens, the cost to extend your lease becomes more expensive to extend it. Extending your lease is a simple way to add value to your property.

Q. How can I ensure a fair and reasonable price is paid?

A. Prime will negotiate on your behalf to ensure a fair and reasonable sum is agreed for the lease extension or freehold purchase.

Q. I am currently selling my property, can I extend the lease?

A. Yes, in most cases if you are planning to sell you can start the lease extension process which can either be signed over to the buyer to complete following the sale, or in some situations to potentially tie in with your sale.

Q. What happens if my lease falls below 80 years?

A. Once the lease falls below 80 years an additional element called 'marriage value' is payable, which means that the cost of extending the lease can potentially increase each year that the lease length shortens,

Q. How much will it cost to extend my lease?

A. The cost of extending the lease will vary from property to property. The premium payable to the freeholder will vary depending on a number of factors such as the current lease length, the value of the property, and the ground rent payable for the remainder of the term.

Q. Are there any hidden charges to pay Prime?
A. Prime offers a flat, all-inclusive fee tailored to your circumstances which includes a site visit, a detailed valuation report, and a full negotiation service (if required). Only in the unlikely event that your case is referred to Tribunal will further fees apply.​​