Lease Extension

1. There is a defined process for bringing the matter to a conclusion via the strict timetable as set out in the legislation.
2. The valuation date is fixed at the date when the notice is served.
3. If you are unable to agree terms, you have recourse to an independent arbitration process and have the option of taking the matter to a tribunal, whose decisions are binding.

1. Professional fees (e.g. for legal advice) payable as part of the process are typically lower, and there is no requirement to pay surveyors’ fees.
2. The process is likely to provide you with a much faster resolution.

If you have applied for terms to extend your lease and you agree to the terms on offer, the fees payable at conveyancing stage are made up of:

• Landlord offer price fee = £150*
• Landlord’s solicitor (third party) legal fees (conveyancing) = £700 plus VAT (£840 total)
• HomeGround administration fee (instructing solicitors, preparing documents for signature, updating records) = £400
• Disbursements = normally minimal and typically in the region of £20.

*Please note that the landlord offer price fee of £150 will be refunded on completion of your lease extension.

The landlord’s offer will be made on the basis that the ground rent continues to be payable for the original term of the lease (inclusive of any reviews), and thereafter reverts to a peppercorn for the duration of the extension period. This offer is made in compliance with the provisions of the Leasehold Reform (Ground Rent) Act 2022.