Extending A Lease: Why You Need Professionals

When starting a lease extension process one person always feels tempted to try and take on everything themselves. In these days when money is generally tight, anything that people can do to save a few pounds is often seen as the best way forward. However lease extensions are quite a specialised area of the law and it can cost you even more to take it on alone, as opposed to paying professionals to help you extend your lease!

Much of the lease extension process can be take over my legal jargon, for example; serving notice and marriage value. Many people will know that their lease drops in value when it falls below 80 years, however they will not know the reasoning behind this? The legal reference to 'marriage value' might not mean much to people in the leasehold context and is often difficult to work out.

An example of this is where the paper lease is dated 20th February 1992. Nevertheless upon closer examination, the lease may reveal that it is effective from January 1992.

Even though this is only 10 years worth of difference, it may well be important if the leaseholder is trying to have a lease extension and applies in the beginning of February 2011, when in fact the lease is less than 80 years old. Had the leaseholder therefore made their application in Jan 2011, they would find themseleves within the 80 year limit. This 80 year cut off time is extremely important as it can mean the leaseholder is liable for marriage value. So as it turns out the leasehold extension actually costs much more than expected.

Your solicitor whom is highly experienced and specialised in the area of extending a lease will help you make sure that the process moves as smoothly as possible. They will deal with any negotiations and complex points of law. Even though legal costs can be expensive they will no doubt save you money in the future. You wouldn't take uncessary risks when dealing with you own care, so why would you consider doing so with the process of extending your lease?


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If you're looking for solicitors to help you extend your lease, contact Bonallack and Bishop - solicitors with significant expertise in advising on extending a lease. Tim Bishop is senior partner at the firm, responsible for all major strategic decisions.