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Extending the lease on a leasehold property is a way to secure your ownership of the property for longer, as well as increasing its value. It can also make it easier to get a mortgage, which can be difficult if you are buying the leasehold on a property with a short lease.
The process for extending a lease can be complicated and time-consuming, so it is important to get the right legal advice to ensure your lease extension progresses smoothly and that no important details are overlooked.
Franklins’ lease extension solicitors in Northampton have many years of experience helping clients to successfully extend their leases, both through voluntary agreements with freeholders and using statutory lease extension rules. We can handle the entire process for you, including negotiating with the freeholder on your behalf and ensuring the lease extension agreement protects your interests.
If you have a lease you need to extend, our lease extension solicitors in Northampton can help. Please get in touch by calling 01604 828282 or using our contact form for a prompt response.
Our lease extensions solicitors in Northampton can help with the entire lease extension process, including:
Whatever you requirements, we can offer a bespoke service that meets your needs.
Under the Leasehold Reform, Housing and Urban Development Act 1993, leaseholders are legally entitled to extend their lease, as long they meet the qualifying criteria, including having lived in the property for at least 2 years. This is known as a statutory lease extension and allows you to extend the lease on a flat by up to 90 years and on a house by up to 50 years,
If you have owned the property for less than two years, the freeholder is not required to agree to a lease extension, so you would need to negotiate a voluntary lease extension agreement with them.
If you own the leasehold on a property where there are 80 years or less left on the lease, you will have to pay 50% of the “marriage value” when you extend the lease. Marriage value is the amount the value of the leasehold will increase thanks to the extension. Because of this, a property with 80 years or less left on the lease will usually significantly fall in value and may be unmortgageable.
Most people will want to renew their lease before it hits the 80 years remaining threshold. Because you will need to live in the property for 2 years before qualifying for a statutory lease extension, and it often takes up to 6 months to process a lease extension, it is usually worth renewing while there are still 83 years or more left on the lease to give yourself some leeway.
Franklins has been helping clients with lease extensions and other residential property issues for over 30 years. We now employ more than 100 staff across our offices in central Milton Keynes and Northampton. As one of the most technologically advanced firms of solicitors in the country, we combine traditional legal expertise with the latest innovations, providing a truly modern approach to the law for our clients.
We are accredited to ISO 9001 standard and Lexcel accredited by the Law Society, reflecting the high standard of our services. We are also a recognised Investor in People, meaning our staff are trained to the highest standards. These attainments are a sign of our commitment to providing excellence as standard, not as an exception.
If you need help extending the lease on your leasehold property, please contact our expert lease extension solicitors in Northampton now. You can contact us by calling 01604 828282 or click on the “next step” button below to request a call back.
Offers pay and display parking and Hazelwood Road NCP is located behind the offices.
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Franklins Solicitors LLP
8 Castilian Street
Northampton
Northamptonshire
NN1 1JX
United Kingdom
Telephone: 01604 828282
Fax: 01604 609630
Email: info@franklins-sols.co.uk
Private parking spaces available with an appointment.
Directions
By appointment only
Franklins Solicitors LLP
25 Billing Road
Northampton
Northamptonshire
NN1 5AT
United Kingdom
Telephone: 01604 828282
Fax: 01604 609630
Email: info@franklins-sols.co.uk
A lease extension involves lengthening the term of your lease agreement. It is often necessary to increase the value of your property, make it easier to sell, or comply with mortgage company requirements.
We provide comprehensive legal advice, assist in negotiating terms with the freeholder, and ensure all legal documentation is accurate and complete to facilitate a smooth extension process.
Costs can vary depending on factors such as the property’s value and the length of the lease extension. We offer a transparent fee structure and will provide a detailed estimate during your initial consultation.
The timeline can vary but generally, the process takes between 3 to 6 months. This can depend on negotiations and the complexity of the case.
Yes, we provide initial consultations to understand your situation, discuss options, and explain how we can assist with your lease extension needs.
Please bring your current lease agreement, any correspondence with the freeholder, and any valuation reports or mortgage agreements.
Yes, we handle lease extensions for both residential and commercial properties, providing tailored advice for each type.
We prioritise urgent cases and strive to provide prompt and effective legal support to address your lease extension needs swiftly.
If you have any questions about anything legal, please don’t hesitate to contact our team of experts in the Northampton offices who are on hand and ready to help you.
