LEASE EXTENSION VALUATION AND NEGOTIATION SPECIALISTS

STEP A. Check - do I have the legal right to extend?

Once you have owned your flat for a least two years (and the original lease was for more than 21 years) you have the legal right to extend your lease giving you:

• an additional 90 years added onto your remaining lease term; for example, an 81 year lease becomes a 171 year lease.
• Ground rent will no longer be payable (known as ‘peppercorn’ ground rent in legal terms)
  

There is a legal framework in which your Freeholder MUST grant you a lease extension if you have owned the property for at least two years. Once we have confirmed you are eligible to extend your lease you will need to instruct a solicitor to deal with the legal aspects of your case.

However, it is possible to extend your lease in the first two years of owning the flat, with the help of a Prime Leasehold Valuation Specialist who will approach the Freeholder informally on your behalf (this is known as as the 'informal' approach').

​The 'informal approach' can also considered if you need to extend your lease within a tight timescale; for example if you intend to sell the property soon.

STEP B. Arrange for a detailed valuation report

​In all situations, Prime will:

• Visit and inspect your flat
  
• Analyse the lease and make recommendations regarding an opening offer to the Freeholder for negotiations
  
• Give you a less optimistic estimate of the amount the Freeholder may wish to ask for in a counter-offer.
  

STEP C. Full negotiations start

This is the most crucial part of the process as the difference between the opening offer and counter-offer can be surprising large.

Through expert negotiations we aim to come to a favourable settlement for you.

We charge on a fixed fee based for negotiations rather than on an hourly rate or a percentage basis so you know how much you will be paying Prime up front. The only situation when you may pay more is if the case is referred to Tribunal for a decision but this only happens in a very small percentage of cases.