Lease Extensions and Renewals
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Because staying put is the easiest part of moving forward
If you have been thinking about residential or commercial lease renewal or lease extensions, Waterstone Legal could be the law firm you were waiting for. Ta-da, here we are. Our friendly team of lease experts can support you to extend or renew a lease in roadrunner time breaking down the complexities and keeping you updated throughout the process. Also, our fixed-fees provide you the peace of mind that there will be no hidden costs.
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Commercial;
Sale and purchase of leasehold properties
Grant of new lease
License for alterations
Extension of lease
Assignment of lease and tenancies
Deed of variation and alteration of lease terms
Residential;
Purchase and sale of leasehold properties
Grant of new lease
License for alterations
Lease extension
Deed of variation and alteration of lease terms Â
What is a lease?
A lease is a legally binding agreement between a Lessor (landlord) and Lessee (tenant) creating an interest in property. Moreover, the lease is either given in return for a capital sum or monthly rental payment and gives you the right to occupy a property for a set amount of time. Furthermore, the legal document governing your lease sets out the rights and responsibilities of both you and the landlord to be honoured until it expires.
What is a lease extension?
When you purchase a residential or commercial lease as stated above, it will come with a defined number of years. This is known as the ‘term and leasehold terms vary, for example, they can be set at 125, 150, 250 or even 999 years. A leasehold extension is simply the legal agreement which extends the term of an existing lease by a further number of years. While they are not required, a lease can run for the entire term and then revert back to the Landlord known as the ‘reversion’, they can be a sensible, cost-effective way to secure your tenure.
What is the difference between leasehold and freehold?
A freehold purchase entitles the owner to the property and land that it is built on for no fixed limit. They own it indefinitely. On the other hand, a leasehold sets out a fixed number of years you can occupy the property. During this term you are obligated to certain responsibilities under the lease agreement. After the term has expired ownership of the property reverts back to the landlord.
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Benefits of lease extensions
One of the first instant benefits of extending your lease is the increase in value that it adds to the property. This increases the price you can re-sale the property and its attractiveness to buyers. Also, properties with a low lease can take a lot longer to sell and often trade at a lower price to a long and healthy lease.
If you are living in the leasehold property or renting it to a tenant, extending the lease provides security of your tenure. Whether this secures your investment or living interest, you have peace of mind that it will not revert back to the Landlord until the term expires.
Longer leases tend to expand your horizons in terms of mortgage access if you were to re-mortgage or use it to purchase another property. Therefore, lenders often favour longer leases which gives you access to easier finance options.
If there are certain parts of the current lease you are not happy with, the negotiation process provides the opportunity to create more favourable terms. For example, by lowering the ground rent or making changes to the service charge.
How can I extend my lease?​
If you feel you would benefit from lease extensions, it is time to take action - so what exactly does that look like? The process can be lengthy and complex - at Waterstone Legal we like to keep the hard stuff as simple as possible. Here is a basic breakdown of the steps involved;
Let's talk costs
Our costs reflect the best legal advice at the most competitive prices. Lease extension and renewal matters vary and many require a bespoke service. Whilst some of our legal services come with fixed fees – every case is different. We provide a detailed breakdown of anticipated costs after your initial free call.Â
What our Clients
say about us
How wonderful and amazing Oliverta is. Thank you for everything you are the best.
Waterstone Legal were the cheapest quote we could find but the quality of the service was 5 star. We had prompt replies to our emails (within an hour or two) every time and Darius was instrumental in pushing the buyer’s Solicitors when they were slow to respond. If I was selling again now, I would choose Waterstone again without hesitation. Thank you Darius!
WS Legal did a great job with our sale. Towards the end, when we were nearing completion, the buyer's party raised numerous questions, and the solicitor assigned to our case (Nithi), very diligently checked requests and responded. She also kept me informed of developments so I could help answer queries. She did her best to move the sale to exchange ASAP. She was also kind and helpful - she did a great job!
Over the years Waterstone Legal firm has been of good representation of my immigration matter. Success is their watch word, they render best service to meet my satisfaction.
Quick to respond to queries and documentation received. Pleased with service. From agreeing sale to completion 11 weeks, top job!
Why Waterstone Legal lease extensions expert
Not only does having one of the Waterstone Legal property team by your side speed up the process, crucially your dedicated solicitor will ensure your rights and financial interests are properly protected.
Using a solicitor ensures you serve the correct notice, prevents delays, can handle communications with your landlord and ensure the new lease reflects, your requests, and future interests – this covers things like ground rent, service charges and responsibilities.Â
You can rely on us to have your best interests at heart from start to finish.Â
FAQ'S
Extending a lease can take from 3 -12 months and be affected by many things, from whether you need a mortgage to how long it takes a freeholder to consent.
Yes, you can get a mortgage for a lease. A financial advisor can support you to obtain the best rates for your purchase.
It is recommended you use a lawyer to extend a lease to protect your interests.
You can speak to a lawyer at Waterstone Legal for an initial free consultation to discuss your current lease and the possibility of extension.
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