DIY Lease Extension: Do You Have To Appoint Specialist Surveyors Or Solicitors?
It is a fact of life that since the start of the recession purse strings have been pulled tighter. Due to this people are often tempted to try and save themselves money in all sorts of ways. Formal procedures and processes are being shunned for DIY attempts. Although it is a positive to get involved in life changing decisions, such as extending your lease, it is not always sensible to turn away from taking any professional help. Experienced professionals help make sure that you get the best financial deal and that the extension you want is right for what you actually need.
The informal side of starting the lease extension procedure is discussions held between the landlord and the leaseholder. The first step will involve the the leaseholder contacting the landlord and telling them you wish to get an extension on your lease. If the landlord is compliant and offers an extension at a reasonable price then great, the process can begin. However if the landlord is difficult and is not happy to agree to an extension then you will have to proceed with an official Initial Notice, which will be responded to with a Counter Notice.
Many people will see this process as quite simple and therefore a perfect way of getting things off the ground yourself and avoiding legal or surveyor fees. At this stage it is still looking straightforward to do a complete DIY lease extension.
Even though the DYI process is feasible in parts, you could soon find out that if you do not take on a Solicitor or Surveyor that your leasehold extension costs you a lot more than you bargained for!
The idea of taking on a professional is to make sure that you are guided on what the correct process and procedures are. Not only this, but they will help ensure that your freeholder doesn't offer the extension at an extortionate amount and that you are being treated fairly. Quite importantly your legal representative will ensure that the process you follow is legally binding and that your DIY job will stand firm in the future. You may find yourself in a compromising situation when following a DIY job and then trying to sell a property that isn't legally yours. Unfortunately lease extensions is specialist work and any old solicitor or surveyor might not have the experience needed to offer you solid advice. This does normally equally a higher cost for specialist advice.
Therefore even though a DIY job is a real possibility, you should not take it on without help and advice from the professionals. This will ensure that you get fair treatment and follow the right procedures. You will see that it was worth it all along.
About the Author
Thinking about a Lease Extension (http://www.enfranchisementsolicitors.co.uk)? Contact Bonallack & Bishop - specialist Leasehold Extension Solicitors. Tim Bishop is senior partner at the firm, responsible for all major strategic decisions. He has grown the firm by 1000% in 13 years and has plans for further expansion.
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