how to go about Extending ones lease

droodleskins

How do i go about extending the lease to my property - whats the procedure please ?

There is currently 73 yrs left
I am also a director of the management company that owns the freehold.
i own a 25% share (with 3 others) in the management company we all live in the same house which is converted into 4 flats.

thanks.

Richard_Webster

Talk to the other company members and ask if they will sign an extension deed. If they agree then you can have a meeting at some point to confirm this as a company decision. Then get a solicitor to draw up an extension deed and get it signed.

If you have a mortgage then your mortgage lender will require a deed of substituted security to substitute the newly extended lease for the old lease as its mortgage security and youmight have ato pay an admin fee of around £100-£200 to the lender for that. It will be cheaper per flat the more that are done at the same time as a lot of the work is going through the lease and drawing up a standard form of extension deed and agreeing what it should say. It is usually sensible to make other changes to the lease at the same time.

m_13

There's a guide here: http://www.findaproperty.com/displaystory.aspx?edid=00&salerent=0&storyid=10207

Richard_Webster

There's a guide here: http://www.findaproperty.com/display...&storyid=10207

Yes, this explains the background and the law for those who have a short lease where there is an outside freeholder who will need paying for an extension.

However, here:

There is currently 73 yrs left
I am also a director of the management company that owns the freehold.
i own a 25% share (with 3 others) in the management company we all live in the same house which is converted into 4 flats.

As they together own the freehold there is no reason (unless one or two of the other "co-freeholders" are awkward or stupid) for any substantial payment to be needed, because they would effectively be paying themselves. I think OP realised this so was asking about the procedure....