Lease Extension Surveyors in London

If you are considering extending your lease, Erikas Grig Chartered Surveyors will be pleased to assist you to navigate the intricacies of the lease extension process. We have long-standing experience helping leaseholders and landlords in London, Essex, Kent, Surrey, Sussex, Buckinghamshire, Berkshire and Hertfordshire.

Lease Extension Qualification

When you own the leasehold property it is always going to be with an expiration period. When the lease expires your leasehold interest will diminish and the flat will revert back to the freehold.

The current legislation called Leasehold Reform, Housing and Urban Development Act 1993 allows you to extend the lease for an additional 90 years on top of the existing term reducing your ground rent to a peppercorn, providing you meet the eligibility criteria and obtain lease extension valuation. This is called a formal lease extension.

It is possible to obtain a lease extension without proceeding via a formal route. You can contact your freeholder to request a lease extension. However, the terms proposed by freeholders can often be unfavourable in the majority of cases. As a result, we advise proceeding formally to secure the best possible terms. 

Why You Should Extend The Lease?

You may wish to consider extending your lease for the following reasons:

 

  • Your existing lease is below 80 years and you want to extend the lease before the property loses more of its value.
  • Your existing lease is above 80 years and you wish to extend the lease before it drops below 80 years and makes your premium significantly more expensive.
  • You are selling the property and wish to assign the right to extend the lease to your buyer.
  • You have difficulties obtaining a mortgage/remortgage due to a short lease.
  • You want to extend the lease to remove ground rent.

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Why Should You Instruct Lease Extension Surveyor?

The most reliable way to ensure that the correct lease extension premium is paid is to instruct a specialist lease extension valuation surveyor. The surveyor will inspect your property and prepare a detailed lease extension valuation report which will include the premium payable and outline all compensation elements payable to the competent landlord.

At Erikas Grig Chartered Surveyors, we offer professional lease extension advice which has been polished by working on hundreds of lease extension cases annually and assisting various parties such as buyers, funds, property management companies, charities, homeowners and landlords.

We can advise you on lease extension cost including valuation and negotiate with the opposing party to secure the most favourable terms. If a positive outcome cannot be achieved via the initial lease extension process we have experience acting as expert witnesses in front of the First Tier Tribunal and can competently represent your case.

Lease Extension Calculator 

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See How Our Clients Are Rating Us

Maria Volkova

We used Erikas Grig for a RICS approved valuation needed to sell our property through shared ownership. Quickly after my enquiry, Iveta rang me to book in the valuation with a reasonable quote. On the day of valuation, Erikas was courteous and provided a very quick turnaround with the report. We felt it was a fair market valuation so all in all, very happy with the service and outcome.

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Yolandi Nell

I received a very friendly and helpful service from Erikas Grig and good turnaround time too. Definitely recommend.

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Sagittarius 92

Erikas Grig have been super amazing in supporting myself and my husband with a help to buy valuation report and survey - we hit a few bumps in the road with our sale and needed a further desktop valuation report completed ASAP as to not lose the time we had on the original report, and to enable us to meet our completion date of our flat sale; therefore Erikas completed on the same day right before Christmas. Iveta was also so helpful and professional over emails and Erikas was great on the visit and the reports he produced were accurate and detailed. Would really recommend - thank you so much!!

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