The cost of a lease extension depends primarily on your remaining lease term, ground rent and the value of your property. Once a lease drops below 80 years, marriage value can significantly increase the premium payable.

There are three main elements to consider:

• Your professional fees: solicitor and, where required, a specialist lease extension surveyor

• The freeholder’s legal and valuation costs. Which you are typically required to cover under the statutory process.

• The premium: The agreed amount payable to the freeholder for an additional 90 years to be added and for the ground rent to be reduced to peppercorn.

Costs can vary considerably depending on the specifics of your lease and the negotiations.

We can help you understand what to budget for at the outset. Our Lease Extension Calculator provides an indicative estimate to guide early planning before you commit to a formal valuation.
We also have this helpful article How Much Does a Lease Extension Cost?

Marriage value is the extra amount you must pay the freeholder once your lease drops below 80 years. It represents the increase in the property’s value after extending the lease. Whatever this figure is, you must pay the freeholder 50%. Your surveyor would be able to calculate this. 

In most cases, earlier is better.

It's usually worth considering a lease extension before your lease falls below 80 years. Once it does, the cost of extending can increase significantly under the current statutory framework. Extending earlier can also make your property more attractive to buyers and mortgage lenders.
This article may help : When to Extend Your Lease.

A statutory lease extension follows the legal process set out in legislation and provides qualifying leaseholders with specific rights and protections. An informal lease extension is negotiated directly with the freeholder and can sometimes be completed more quickly, but the terms may differ. We'll help you understand which option is best for your circumstances.

Yes. A specialist lease extension surveyor can provide a professional valuation of the likely premium and negotiate with the freeholder where required. We can introduce you to experienced surveyors who specialise in lease extensions and enfranchisement.

Lease extensions involve legal notices, negotiations and strict timescales. A solicitor experienced in lease extensions can guide you through the process, protect your legal position and ensure everything is completed correctly. We work with carefully selected specialists experienced in this area of law.

Every case is different, but a lease extension typically takes between 6 and 12 months, depending on whether it follows the statutory or informal route and how quickly the parties can reach agreement.

Yes. In many cases, beginning the lease extension process before selling can make your property more attractive to buyers. Depending on your circumstances, it may also be possible to transfer certain rights to a purchaser. We can explain your options.

Simply complete our enquiry form or contact us for a no-obligation discussion. We'll explain your options, answer your questions and introduce you to trusted lease extension solicitors and specialist surveyors if you decide to proceed.
You can contact us here.