Page 6 - lease_extensions

A step by step guide to lease extension 5

As a leaseholder you could represent yourself should you choose to do so. As a Leaseholder
you are at risk for your professional costs, the application costs and the freeholder’s costs. As a
freeholder, you are entitled to be compensated for the cost of professional advice flowing from a
valid notice claiming a lease extension.

Step 4 - Complete the legal work

This is a specialist area of law that many high street solicitors do not practice.
The legal work necessary to complete a lease extension includes:

• Obtaining a copy of the lease;
• Obtaining a copy of the Land Registry title number;
• Checking your eligibility to qualify as a leaseholder who can exercise their statutory
rights;
• Serving information notices to trace the freeholder/competent landlord
• Serving notices to claim your statutory right to a 90-year lease extension:
o On the freeholder/competent landlord
o Via a Vesting Order where the landlord cannot be found
o Via the Trustee in Bankruptcy where landlord is an individual who is bankrupt
o Via the Receiver where landlord is a company in receivership
• Dealing with the landlord's requests for a deposit to be paid. By law this can be 10%
of the premium or £250 whichever is the greater;
• Executing a Deed of Variation to vary the term (length of the lease) to take into
account the additional 90 years;
• Advising on or considering other terms that variation would have benefit to one or
both parties;
• Handling client monies and paying the premium to the landlord;
• Registering the Deed of Variation with the Land Registry;
• Obtaining a Mortgagees (your mortgage company's) consent to such registration of a
Deed of Variation;
• Witnessing any deeds or discharge forms required by your mortgage company to
enable registration that your lease has been extended with the Land Registry; and
• Lodging a case with the First Tier Tribunal where terms cannot be agreed.

If the timescales required for the various stages are not adhered to or the specified
matters within the Act not disclosed then this can be to the detriment of one or other party.

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