Morgan Sloane

Received a lease extension request? Let us manage the process

We will guide you through the lease extension process

We specialise in assisting freeholders and managing agents to navigate lease extensions and enfranchisement requests.

What is a lease extension?

When the long lease of a flat is purchased by an individual, it is effectively rented from the freeholder. The lease typically lasts between 99 and 125 years, but it can last longer.

A lease extension is the process required to reinstate a long lease on the property, which is typically 90 years on top of whatever remains on the current lease. It's cheaper for the leaseholder to extend when there's still at least 80 years remaining on the lease. After this, the costs can skyrocket. 

What is a freehold enfranchisement?

When multiple flat owners club together to purchase the freehold of their building from the current building owner, it is known as freehold enfranchisement. It is similar to a lease extension – the main difference being that it involves all the flats in the building and, as a freeholder, will result in you losing ownership of ‘your’ building.

The process

When you receive notification from a lessee that they want a lease extension or are participating in a freehold enfranchisement it is essential that you receive the advice of skilled professionals before taking any action. You will require a chartered surveyors and solicitor that are experienced in this area to assist you.

Your solicitors will guide you through the legal process and, as surveyors, we will ensure that the premium you receive is appropriate and you are not left out of pocket. Most reputable surveyors will give a ‘best’ and ‘worst’ case scenario for the premium to give you a full picture of the likely figures  involved, together with advice on the figure to be inserted within the counter-notice.

Our chartered surveyors can undertake negotiations on your behalf or simply assist you should you wish to manage negotiations yourself. However, if you are managing negotiations, you should still be aware of the range of figures at which it would be appropriate to settle, for which you should seek consultation.

Some of our achievements in this area include:

  • Advisors on over 2000 cases
  • With more than £30m worth of premiums
  • Valued over £560m worth of property

As a freeholder or managing agent, the process entitles you to send your surveyor to inspect the property, and we always advise that you take this opportunity. Not only will the resulting report be more accurate and therefore enable you to make a clearer decision on the matter, but you can also take the opportunity to check for other ways to add value to your portfolio and flag potential asset management issues that would otherwise go unnoticed.  

Contact us if you'd like us to manage the lease extension request on your behalf.