Lease Extension Solicitors
Whether you decide to pursue the statutory route or informal route to a lease extension, you will need to instruct a solicitor to deal with matters on your behalf. It is not possible to complete a lease extension successfully without a solicitor, due to Land Registry requirements. On top of that, if you have a mortgage, it is a legal requirement that a solicitor approved the lease extension deed on their behalf.
Choosing a lease extension solicitor
When choosing a lease extension solicitor, the following should be taken into account:
Fees do tend to vary widely. The service is usally always the same, but cost tends to be linked to location. Choose a firm outside of central London where the cost of living is lower. Firms in the North of England offer the best value, especially those in smaller towns rather than cities. Key questions are "how many years experience have you got dealing with lease extensions?" and "what percentage of your overall work day involves lease extensions?".
Don't be afraid to ask how much lease extension experience the potential solicitor has. We can't stress how important this is, as a lot can go wrong without the necessary knowledge.
Sometimes speed is paramount, particularly if you are closing in fast on 80 years remaining on your lease. Inform the solicitor immediately of the number of years remaining on your lease and ask when they are able to commence work. As a guide, a solicitor should be able to set matters in motion within 3 - 4 working days.
An experienced solicitor should have be fully conversent with the valuation process and even be able to prepare a report detailing exactly how the premium is calculated (this is called a lease extension valuation). Having an undersanding of this process if absolutely crucial when it comes to negotiations. Quite commonly solicitors prefer not to get involved in the valuation stage of a lease extension and will refer you to a surveyor, this increases costs substantially. Try to keep the whole process within the control of one professional.
We have established a good relationship with Hetts - Lease Extension Solicitors. Hetts are one of UK's most recognised firms within the lease extension niche. They have a very experienced department headed by Ashley Connell. We've found them to offer very high value for money and are registered members of ALEP (The Association of Leasehold Enfranchisement Practitioners). Hetts have a very comprehensive understanding of the valuation process and have successfully negotiated lower premiums on behalf of many leaseholders across not only London, but nationwide.