Who is involved with a lease extension?

This is key to extending your lease.  It is essential that the solicitor and valuer engaged have proven expertise in leasehold enfranchisement.  The professionals listed will need to work as part of a team to achieve the common goal of extending the lease on the best possible terms.  Those engaged will comprise:

  • Solicitor
  • Valuer
  • Barrister in complex cases

The role of the valuer

The valuer will inspect the flat and provide the lessee with a valuation report calculation setting out the likely cost of the lease extension.  The valuer should also advise on the premium to be inserted into the Notice, which will be generally 15-20% below the valuation.

The valuer will then negotiate with the competent landlord’s valuer once the counter notice has been served.

The valuer will represent the lessee at the First-tier Tribunal (“FTT”) if a mutually acceptable premium cannot be agreed.

The role of the solicitor

  • check whether the lessee is a qualifying lessee; 
  • draft the Notice and serve it upon the competent landlord (usually the freeholder) and any intermediate landlord;
  • deduce title and pay the statutory deposit to the competent landlord’s solicitor;
  • make access arrangements for the valuer(s) acting for the landlord and any intermediate landlord; 
  • receive the counter notice and send a copy to the appointed valuer;
  • arrange for the valuers to open negotiation;
  • apply to the FTT not less than two months and not more than six months from the date that the counter notice is served.  This will protect the Notice and ensure that it is not deemed withdrawn; and
  • negotiate the terms of the new lease with the      competent landlord’s solicitor and agree the costs that are recoverable from the lessee on completion of the lease extension.