What can I expect to happen if I enter into informal negotiations?

Once an application has been received, and the administration fee has been paid, within 3–5 working days HomeGround will send you the price at which the freeholder would be willing to extend your lease. This offer price is always inclusive of the freeholder’s fees and expenses and VAT (if applicable), so there are no hidden extras.

Once you have received this offer price, you can:

Either accept it
Or make a counter-offer if you think the offer price is too high – further counter-offers may follow until an agreement is reached.

Once agreement is reached between you and the freeholder, then HomeGround will instruct the freeholder’s solicitors to formalise the matter.

Our freeholders do not require a leaseholder to appoint their own solicitor in order to complete the conveyancing stage of the transaction.

If you have a mortgage, your mortgage provider may require you to appoint your own solicitor. We recommend that you contact your mortgage provider to check. If this is the case, you will need to provide contact details for your solicitor.

If you and the freeholder are unable to agree a price you do retain your rights under the Leasehold Reform Housing & Urban Development Act 1993 and you can proceed with formal negotiations.