Lease Extension Surveyor Brighton
If you hold a lease in Brighton, extending it can potentially increase the amount you can make from the property. When getting a lease extension, you’ll add value to your property while simultaneously putting yourself into a greater position of control over the property.
In Brighton, we have a team of superb, high-experienced lease extension surveyors who can help you get the best out of your lease extension. With our unparalleled understanding of the market in Brighton, Hove, and the rest of Surry, we can work efficiently at all stages of the lease extension process.
As Chartered Surveyors, our Brighton team are Lease Enfranchisement experts, allowing us to help you better manage your leasehold. Among our services is lease extension support, where we strive to make the process as hassle-free as possible.
Getting a lease extension can be beneficial in multiple ways, and partnering with lease extension surveyors in Brighton, like Copeland Yussuf, ensures you’ll get the best service possible. Contact our dedicated team in Brighton to see what we can do for you, or read on for more information about lease extensions in Brighton.
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What is a lease extension?
Leasehold properties can expire when their term runs out, meaning that ownership returns to the freeholder of the land that the leasehold is on. Getting a lease extension allows you to add more years to your lease, preventing it from expiring.
A lease extension can make your property investment more secure and help you boost your home’s value. Doing this costs a fee, and the amount you have to pay for a lease extension will depend on a few factors relating to your property. Although paying for a lease extension can be costly, getting one can help you get more money in your pocket in the future.
All leaseholders in the UK have the right to extend their lease as long as they pass the eligibility criteria. This right is defined by the Leasehold Reform, Housing and Urban Development Act 1993 (the 1993 Act), which is the legislation that dictates what needs to be done when getting a lease extension. According to the act, depending on your property, you can add 90 years to your lease. Plus, your freeholder has to accept the extension request; with them only having a say on the final price for the lease extension.
That said, they don’t have total control over this price either. As the 1993 act governs the lease extension process, the price you pay for a lease extension is heavily regulated by guidelines and strict formulas, meaning you’ll always pay a fair price based on the same factors. Your freeholder will be prevented from demanding an inflated fee that doesn’t match the valuation.
Getting a lease extension is complex, and you must follow a specific process to ensure you do it properly. Getting through this process on your own is difficult and, in some stages, impossible, so partnering with a lease extension surveyor is a great way to make things easier. Use Copeland Yussuf to help you through the lease extension process, as our surveyors can save you time, stress, and money.
Why should you get a lease extension in Brighton?
There are many good reasons why getting a lease extension in Brighton is a good idea, especially if your current lease hasn’t got that long until it expires. Although the initial cost may put you off, the potential increase in value you can obtain will usually outweigh this. Getting a lease extension can be one of the best investments you do with your property.
This increase in value is usually the main reason people get a lease extension, especially if they’re looking to sell it. The less time left on a leasehold, the lower its value will be. This means a property with an 80-year lease will be worth much less than the same house with a 170-year lease.
To recoup some more money and ensure you get the most you can when you sell your property, it’s wise to get a lease extension.
In addition, getting a lease extension can also make it easier for you to sell your house, even though it’ll likely be worth more. This is because properties with short leases, usually under around 80 years, will have more limited mortgage options. This is because mortgage providers see these properties as risks and will be less willing to give potential buyers a mortgage. This limits who can buy your property, meaning that selling it will be much harder.
Increasing your lease period will eliminate this issue and simplify selling it.
Another reason you should get a lease extension in 2023 is because doing so will reduce your ground rent to zero. In 2022, ground rent, a free you have to pay to your freeholder each year, was abolished. This means new and extended leases don’t have to pay this.
Extending your lease removes this fee, helping you save money in the future, especially if you plan to live in the property for a long time. You’ll pay more for your lease extension the higher your ground rent is. To ensure that the cost of your lease extension in Brighton is worthwhile, a surveyor can evaluate to see if the savings outweigh the initial cost.
Despite all these great benefits, it will only be worthwhile if you get a lease extension in Brighton early. This is because the fewer years a lease has, the more you have to pay to extend it, eating into your profit. Plus, if you extend a lease with less than 80 years to run, you must contribute 50% of your marriage value. This makes your lease extension a lot more expensive.
Marriage value is the difference between your house’s original value and how much it would be worth after you extend it. So if your property goes from £240,000 to £265,000, your marriage value is £25,000. Contributing 50% of that amount when getting a lease extension will likely double how much you pay.
This is why it’s best to get a lease extension in Brighton as soon as possible, as you’ll avoid big expenses. To save money, contact our lease extension surveyors in Brighton today to start the process.
What does a lease extension surveyor in Brighton do?
A lease extension surveyor is the most critical person when getting a lease extension, as they play a vital role in various steps of the process. They are required per the 1993 act, so partnering with the best surveyor in your area, such as Copeland Yussuf, is worthwhile.
The main task a lease extension surveyor fulfils is a property inspection and valuation. This is done to determine how much your house will be worth before and after the lease extension. This is important as this valuation plays a massive role in determining how much you must pay to extend your lease.
A good surveyor will complete a robust inspection, analysing the property to determine an accurate valuation. With that, they can generate a reliable and accurate price for your lease extension.
When presenting you with this price, our lease extension surveyors in Brighton will give you a range from high to low, equipping you with the knowledge to negotiate a great price with your freeholder.
In addition to this role, a lease extension surveyor is also needed to relay this price to a solicitor so that they can serve and deliver a Section 42 Notice to your freeholder. This notice is a crucial document that officially informs your freeholder that you want a lease extension and includes the price you’re willing to pay.
As well as delivering this notice, a solicitor in Brighton can also help you draft this notice to include all that’s required and is top-quality.
There are also supplementary roles that a surveyor can fulfil. For example, a lease extension surveyor in Brighton can also assist with legal proceedings and check your eligibility for a lease extension before you start the process.
Our lease extension surveyors in Brighton do everything they can to abide by The Leasehold Reform, Housing and Urban Development Act 1993, meaning you’ll get a quality experience when using our team.
The Brighton Lease Extension Process
Before you commit to getting a lease extension, it’s good to know what to expect from the process. Getting a lease extension can take a long time, often 12 months, so be prepared to be in this for the long haul. This timeframe also illustrates why it’s so important to start the process early,
To get a lease extension, you need to follow the process below if you’re getting on under the 1993 Act.
You’ll first need to find a surveyor and instruct them to complete a property inspection of your leasehold. Here they will get a valuation for your property, evaluating multiple factors to get an accurate value. This property valuation is then used, among other things, to determine how much your lease extension will cost.
When a surveyor has worked out your lease’s cost, you’ll be informed of this amount. With this information, you can serve a Section 42 Notice via a solicitor to the freeholder. This notice tells your freeholder how much you’re willing to pay and is the official notice you need to send to start the process.
Once the Section 42 Notice has been sent, the freeholder has two months to respond. They’ll reply through a Section 45 Notice, either accepting your price or suggesting a different one if they feel it’s too low.
If the freeholder agrees to your price, you must pay a deposit to confirm the lease extension. This must be paid within 14 days, and the price will vary between the larger of £250 or 10% of the lease extension cost.
If your Section 42 Notice was rejected, you’ll have six months to negotiate a fair price with your freeholder. If you have yet to reach an agreement before six months, you should take the case to a Top Tier Tribunal. Here, officials will assess your case and issue a final price that both parties must agree to.
You’re never in jeopardy of having your lease extension request rejected during this process. Even if the freeholder doesn’t like the price you’re offering, you’ll be able to get a defensive price from a tribunal. All that’s up in the air is the final price you pay. To save money, get a quality lease extension surveyor in Brighton, like Copeland Yussuf, as we can help you negotiate a fair price.
Why Choose Copeland Yussuf in Brighton?
We offer the best lease extension services in Brighton and the surrounding area, with our Chartered Surveyors being considered the very best in the field. Over the years, we’ve helped multiple people in Brighton get the most out of their leasehold properties, and we have the experience and skills to help you too.
We’re the preferred panel surveyors of many councils and housing groups in Brighton and beyond because we’re specialists in lease extensions.
We are also regulated by RICS, the Royal Institute of Chartered Surveyors. This means that we’re committed to working at the pinnacle of the industry and striving to achieve the highest standards possible. We do everything per the guidance from The Leasehold Reform, Housing and Urban Development Act 1993, making all our work accurate, fair, and trustworthy.
We offer various Lease Enfranchisement services for leaseholders in Brighton, and for lease extensions, we can:
- Check that you’re eligible for a lease extension
- Complete a robust property inspection to create an accurate valuation
- Help you with negotiations
- Support you during any court cases and tribunals
We’re quality lease extension surveyors in Brighton. Get in touch with us today to see how we can help you and your property.
Lease Extension Brighton FAQs
Do you need a Brighton lease extension surveyor?
You need a lease extension surveyor to perform various tasks during your lease extension process. They're required to give you a property valuation to obtain an accurate lease extension cost. You also need them to send the Section 42 Notice to the freeholder.
What's the difference between a statutory and informal lease extension?
A statutory lease extension is a name for when you get an extension under the 1993 Act guidance. You have a legal right to an extension when you get this kind of extension. The amount you can extend your lease will be set to 90 years for a flat or 50 years for a house. If you go this route, your fee will be determined by your property value and guidelines per the 1993 act so that it's fair and transparent.
You must meet some eligibility criteria before you can get this extension. You'll have to get an informal lease extension if you don't. This is where you have no right, and your freeholder has the control and power to refuse the extension and charge a considerable fee.
Am I eligible for a lease extension in Brighton?
There are two pieces of criteria you need to meet to be eligible for a lease extension. First, you must have been your leasehold owner for at least two years. The other is that the leasehold needed to have more than 21 years left before you bought it.
In addition to these criteria, you can also not get a lease extension if the freeholder is a charity or if you have a commercial lease.
How much does getting a lease extension cost?
The cost of your lease extension is tied to the value of your home, so it can only be worked out reliably if you have had a valuation. Property prices can differ, so your lease extension can cost under £1,000 or well over £20,000.
In addition to property value, there are many other factors and formulas that influence the final price. The following criteria are some of the main things that will be considered:
- The amount of the freeholder's interest decreases because of the additional years added
- The amount the property's value increases by
- How much your ground rent cost
- The properties location, as that influences its value
- The number of years you have remaining on your lease
You'll have to pay more than just the lease extension fee. You'll also have to factor in the cost of your lease extension surveyor, and you may need to pay any costs your freeholder accrued during the process.
Do note that you'll have to pay more than the fee when you get your lease extension. You'll also have to pay for your surveyor and cover any costs the freeholder built up during the process.
Can you get multiple lease extensions in succession?
You can extend your lease multiple times as long as you can afford it, but the likelihood is that you'll only need to do it once, as there may be better financial moves than getting numerous extensions.
This is because, at a certain point, adding more years to a lease won't significantly increase its value. For example, a lease with a 200-year term won't be worth much less than a 290-year term. This means there's little point in getting another lease extension immediately after one.
Plus, as statutory lease extensions add an extra 90 years, it'll be long before the term falls to a low number again. By the time it does, you may have already sold the house. As a result, it's unlikely that you'll extend the same lease twice.
What's the difference between a freehold and a leasehold property?
A freehold is where you own the property outright for an indefinite period of time. As a freeholder, you own the property and the land it's on. You'll only lose ownership of this house if you decide to sell it.
In contrast, a leaseholder only owns their property for a finite amount of time, although they can extend their lease term. In most leaseholds, you only own the property, with the land still belonging to the freeholder.
A leaseholder will have far less control over what they can do to the property and may also have to pay ground rent too.
Can a freeholder refuse a leasehold extension in Brighton?
Your freeholder can't refuse your lease extension as you have the right under the 1993 act to get one. All they can do is negotiate on the price you pay, but still, you will eventually have to reach an agreement.
They can only refuse if you're ineligible to get an extension via the statutory route. In that case, they can refuse your request if they want.
What if I can't get hold of the freeholder?
You need to send a Section 42 Notice to the freeholder. If you can't contact them, starting the lease extension process can be hard. Thankfully, there is something you can do if this situation happens to you.
You can get a Vesting Order which allows you to get a lease extension through a tribunal. However, to get this order, you need to prove that you've made a good effort to try and find your freeholder.
Before you can get a Vesting Order, you need to place adverts in your local newspaper, visit their last known address, hire a search agent, and check the probate records.
How common are leasehold properties in Brighton?
Across the UK, only 8% of all houses are leasehold properties. This means that they make up a small portion of this housing market. However, looking at just flats, you'll find that over half of them are leasehold properties, making them much more common.
In Brighton, many townhouses are being turned into apartment buildings and flats, meaning that more and more leasehold properties are sprouting in the area. At Copeland Yussuf, we understand the changes happening in the Brighton area and can help you with any issues you have with your leasehold.
Is there a minimum requirement on how long a lease extension has to be?
The 1993 act sets the number of years you can extend a lease. Currently, you can extend the lease of a flat by 90 years and a house by 50 years. This means that these terms are the minimum and maximum amount of years you can extend a lease. There have been discussions to increase this, but nothing is concrete yet.
This only applies if you're getting a statutory lease extension. If you're not eligible for one and are making an informal lease extension request, then there are no restrictions on how long your lease can be extended. Your freeholder can demand that you only extend your lease for a few years, which isn't recommended.
Our Brighton Lease Extension Experts are ready to help
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