Lease Extension Surveyor Tunbridge Wells
If you’re a leaseholder in Tunbridge Wells, extending your lease can potentially boost the amount you can make on the property. When you get a lease extension, you can add value to your property’s worth while improving your control and leverage over the property.
Our team of experienced lease extension surveyors in Tunbridge Wells can assist you during the lease extension process, providing accurate and reliable services. Using our know-how and expertise within the leasehold market of Tunbridge Wells and the surrounding county, we can help you get the best price for your lease extension.
We’re experts in all things Lease Enfranchisement, meaning we offer multiple, outstanding services focused on helping you manage your leasehold property well. We offer a bespoke, professional and high-quality lease extension service as we strive to make the lease extension process hassle-free.
There are multiple ways in which getting a lease extension can help you. Choosing Copeland Yussuf as your Chartered Surveyor in Tunbridge Wells throughout the process will ensure you have the best experience through this process. Get in touch with our team in Tunbridge Wells to see how our lease extension surveyors can benefit you, or read on for more information about what we do and your rights regarding lease extensions in Tunbridge Wells.
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What is a lease extension?
A lease extension is where you pay a fee to extend the length of your lease. Leasehold ownership expires when your term runs to zero. Getting a lease extension prolongs this from happening, making you a more secure leaseholder. The amount you pay for a lease extension depends on various factors about your property, so it’s unique to everyone. Although it can be costly, paying for a lease extension can help you get more money for your property in the future.
As the leaseholder, you have a legal right to extend your lease. This is laid out by the Leasehold Reform, Housing and Urban Development Act 1993 (the 1993 Act), which is filled with guidelines and legislation about lease extensions. According to the act, you can add an additional 90 years to your lease, depending on your property type. Your freeholder has to accept the extension request; they can only negotiate the price you pay.
That said, they don’t have much influence on this 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.
You need to follow a strict, defined process when getting a lease extension in Tunbridge Wells, and there are eligibility criteria you need to meet, too. Getting through this process on your own is complex and, in some stages, impossible, so partnering with a lease extension surveyor will help you, giving you the upper hand. 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 Tunbridge Wells?
There are multiple benefits to getting a lease extension in Tunbridge Wells. Although you may lose out on money initially due to paying your freeholder for one, the potential value increase of your property will outweigh this cost, making it a worthwhile investment for you.
The main reason why people get a lease extension is because it can increase the value of their property, sometimes by thousands of pounds. When you own a leasehold, the less time you have until your lease expires, the lower the property’s value. So, if you put a property with 80 years left on its lease for sale, it will be worth far less than one with 170 years left.
As a result of this depreciation over time, getting a lease extension can help you add value back to your property before you sell it, protecting your investment.
Another reason you should get a lease extension in Tunbridge Wells early is that doing so will reduce your ground rent to nothing. Owners of a leasehold bought before June 2022 must make an annual payment to the freeholder, known as ground rent. This can be a hefty fee for some properties, making your leasehold more expensive to own.
Since June 30th 2022, ground rent has been abolished, meaning that when you extend your lease, it’s reduced to a nominal amount. This allows you to save money in the future, as you’ll no longer have to pay out each month.
Do note that you’ll pay more for your lease extension the higher your ground rent is. To ensure that the cost of your lease extension in Tunbridge Wells is worthwhile, a surveyor can evaluate to see if the savings outweigh the initial cost. Removing ground rent can make it far more affordable to live at your leasehold if you intend to own it for a long time.
Extending your lease in Tunbridge Wells can also make selling your house much easier when you come to put it on the market. Leases with around 80 years left will be really hard to find a buyer for. This is because many mortgage providers will not give interested buyers a mortgage on the property. Those that do will only offer more limited mortgages. As a result, you’ll only be able to sell to people who can pay outright, limiting the pool of buyers.
Increasing your lease term means people can get a mortgage for it, making it much easier to sell.
Don’t leave it to the last minute to extend your lease, though. This is because the fewer years a lease has, the more you have to pay, and you may also have contribute 50% of your marriage value if the term is below 80 years.
Marriage value is the amount your property is worth after a lease extension minus its value before you extend it. So if your property goes up to £275,000 from £250,000, your marriage value is £25,000. Paying 50% of that amount when getting a lease extension in Tunbridge Wells can drastically increase what you pay. Get your extension done early to avoid this extra fee.
The longer you leave it, the more a lease extension costs. To save money, contact our lease extension surveyors in Tunbridge Wells today to start the process.
What does a lease extension surveyor in Tunbridge Wells do?
You need to work with a lease extension surveyor at multiple posts of the process. They’re an essential part of the lease extension process, so choose a quality surveyor like Copeland Yussuf. Our lease extension surveyors in Tunbridge Wells can help you at multiple stages of the process, ensuring you get the best outcome possible.
The main thing that a lease extension surveyor will do is value your property. When you start a lease extension, this is required as the value of your home will influence how much you have to pay. A quality surveyor will complete a robust inspection to ensure they can generate an accurate valuation and, thus, a fair lease extension price.
When presenting you with this price, our lease extension surveyors in Tunbridge Wells 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 working out this price, a lease extension surveyor will need to inform this price to a solicitor so that they issue a Section 42 Notice to your freeholder. This document informs them of your intention to get a lease extension and includes the price you’re offering. A lease extension solicitor can help you draft the perfect Section 42 Notice to contain all the required information.
Surveyors can also assist with legal issues and liaise with the court and property chamber if your case goes to a First Tier Tribunal, where your price will be finalised.
Our lease extension surveyors in Tunbridge Wells 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 Tunbridge Wells Lease Extension Process
Knowing what to expect from the process before getting a lease extension is useful. When getting a lease extension in Tunbridge Wells, be prepared for it to take a long time, as proceedings can go on for 12 months and more. This timeframe can be an issue if you’re on the cusp before paying 50% of your marriage, so save the stress and get a lease extension early.
You need to follow this process exactly when using the statutory route, as it’s been developed to ensure all guidance and legislation from the 1993 act is met.
Here’s a look at what the process will typically look like when you extend your lease in Tunbridge Wells:
You’ll first instruct a surveyor to complete a property inspection of your leasehold. This is where you ask them to create a valuation of the property, working out how much it would be worth if it was put on sale after a lease extension. This valuation is a major factor in working out the final price of your lease extension.
You’ll be informed of the amount you should expect to pay for the lease extension. Once you have this, you must serve a Section 42 Notice to your freeholder. This is an official notice of your intention to extend the lease and includes your first offer of how much you want to pay. This price needs to be realistic to avoid negotiations.
The freeholder has two months to respond to the Section 42 Notice. They’ll reply through a Section 45 Notice, either accepting your price or suggesting a different one.
If you’ve agreed, you’ll confirm the lease extension by paying a deposit. The price will either be 10% of the total lease extension cost or £250, depending on what’s larger of the two. This must be paid within 14 days.
If your initial Section 42 Notice is rejected, both parties have up to six months to negotiate a price both can agree on. If negotiations stall, you must take the case to the Top Tier Tribunal within these six months. Here, they’ll assess your case and issue a final price that both parties need to agree to.
At no point in the process are you at risk of getting your lease extension refused. It’s your right, under the 1993 act, to be able to get a lease extension. All that’s under threat is the final price you pay. If you want to save money, get a quality lease extension surveyor in Tunbridge Wells, like Copeland Yussuf, as we can help you negotiate a fair price.
Why Choose Copeland Yussuf in Tunbridge Wells?
Our Chartered Surveyors at Copeland Yussuf are the best in Tunbridge Wells and Kent. Over the past few years working in the area, we’ve assisted multiple leaseholders and clients, with many leaving outstanding feedback about our services.
We’re the preferred surveyors of many councils and housing groups in Tunbridge Wells and beyond, showing that we’re a reliable and trustworthy team of Chartered Surveyors.
We are regulated by RICS, the Royal Institute of Chartered Surveyors. This responsibility means we’re committed to offering the best services and work to the highest standards in our industry. Everything we do is heavily influenced by the guidance in The Leasehold Reform, Housing and Urban Development Act 1993, making all our work accurate, fair, and trustworthy.
We offer various Lease Enfranchisement services, and for lease extensions, we can:
- Confirm your eligibility for a lease extension
- Complete a property inspection to create an accurate valuation
- Aid with negotiations to secure you a good price
- Assist in any court cases and tribunals
We’re quality lease extension surveyors in Tunbridge Wells. Contact us today to see how we can help you and your property.
Lease Extension Tunbridge Wells FAQs
Do you need a Tunbridge Wells lease extension surveyor?
You can't get through the lease extension process without a lease extension surveyor. They're required to give you a home valuation so that a price can be determined for your lease extension.
As well as that, you also need a lease extension surveyor to give this price to a solicitor so that they can serve your Section 42 Notice, as you're not allowed to do this yourself.
What's the difference between a statutory and informal lease extension?
A statutory lease extension is when you get it through the 1993 Act. This means that you'll be able to add 90 years to your lease and that the price you pay is worked out through valuations and strict guidelines. Your freeholder can't deny a statutory lease extension, meaning you have the protection and right to extend your lease.
However, you can only get this type of lease extension if you meet specific eligibility criteria. If you don't, you have to go the informal route. This is where you have no legal protection, and your freeholder has the right to refuse the request or set inflated fees.
Am I eligible for a lease extension in Tunbridge Wells?
You need to meet two criteria to get a lease extension via the statutory route. First, you must prove that you've been the leaseholder for over two years, and the lease term must have been over 21 years when you first bought it.
If you meet this, you can get a lease extension. However, note that you can't extend a lease if the freeholder is a charity or if you have a commercial lease instead of a residential one.
How much does getting a Tunbridge Wells lease extension cost?
The value of your property heavily influences the amount you need to pay for a lease extension. However, more factors influence it. Without all the data needed, it's impossible even to guess how much an extension will cost. This is because the prices vary drastically from under £1,000 to over £20,000.
The following criteria will be used to help figure out how much you owe:
- 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
Do note that you'll have to pay more than just 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, but the likelihood is that you'll only need to do it once.
This is because, at a certain point, adding more years to a lease won't significantly increase its value, meaning paying to extend it could become a waste of money. For example, a lease with a 220-year term won't be worth much less than a 310-year term.
Statutory lease extensions can add 90 years to your property. This is a long time, and you'll likely have sold the property before this added turn runs back down or have moved on. As a result of this, it's unlikely that you'll extend the same lease twice.
What's the difference between a freehold and a leasehold property?
A freeholder owns both the property and the land that it's on. They own this indefinitely until they sell it.
A leaseholder technically only owns the property, not the land, as that still belongs to the freeholder. A lease will expire after a set period unless it's extended. When this happens, ownership is passed back to the freeholder.
Many leaseholders will also have to pay ground rent, which is an annual fee you pay to the freeholder. However, this has been abolished on new leases.
Can a freeholder refuse a leasehold extension in Tunbridge Wells?
You can't have your request rejected by your freeholder. The 1993 act gives you this right, and the freeholder can only argue against your offer price.
Eventually, they must agree once a First Tier Tribunal has decided the price.
You can only be refused a lease extension if you're getting an informal one due to not meeting the eligibility criteria.
What if I can't get hold of the freeholder?
You can obtain a Vesting Order if you can't contact your freeholder to send them a Section 42 Notice. This order means that a tribunal can extend your lease, but you'll first need to prove that you've done all you can to reach them.
You'll need to show that you've placed adverts in your local newspaper, hired a search agent, visited their last known address, and checked the probate records before applying for a Vesting Order.
How common are leasehold properties in Tunbridge Wells?
Across the UK, leaseholds are less common than other types of buildings. In 2021, 8% of houses were leaseholds across the UK. This means they make up a small percentage of the housing market. However, over half of the flats and apartments across the country were leaseholds.
If you're looking to buy a flat in Tunbridge Wells, there's an increased chance that it will be a leasehold property.
The number of leaseholds is also increasing yearly, especially in areas like Tunbridge Wells, so they'll become more common. Our surveyors at Copeland Yussuf know this location well and the areas of Tunbridge Wells most prevalent with leasehold properties.
Is there a minimum requirement on how long a lease extension has to be?
You can't choose how long you want to extend your lease when going the statutory route. Per the 1993 act, you can add either 50 years to a house or 90 years to a flat. This means these figures are both the minimum and maximum you can do.
However, if you're ineligible for a statutory lease and choose the informal route, there's no minimum limit to how long you can extend your lease. Your freeholder will likely want you to extend your lease by as few years as possible if they had the choice, meaning that lower terms are more common when using the informal route. That said, getting as long of an extension as possible is always in your best interest.
Our Tunbridge Wells Lease Extension Experts are ready to help
A lot of our clients and customers in Tunbridge Wells have had great things to say about our services. Over the years, we’ve received countless possitive reviews and feedback.
This reputation in Tunbridge Wells has been achieved through the hard work of our team, and we’re very proud of our legacy in the area.
Here are examples of what we’ve achieved in the Tunbridge Wells area. Reviews have been sourced from Google Reviews, Yell.com, and private feedback.