Extending A Lease: Is A Solicitor Necessary?
When starting a lease extension process one person always feels tempted to try and take on everything themselves. In these days when money is generally tight, anything that people can do to save a few pounds is often seen as the best way forward. However lease extensions are quite a specialised area of the law and it can cost you even more to take it on alone, as opposed to paying professionals to help you extend your lease!
The whole process of lease extension can seem bound up with jargon such as serving notice, marriage value and so on. Even though most people are aware that your lease becomes less valuable when it has 80 years or less to run on the term, we don't really understand why this is? The legal reference to 'marriage value' might not mean much to people in the leasehold context and is often difficult to work out.
For example, the lease may well be dated the 21st of February 1992. Nevertheless upon closer examination, the lease may reveal that it is effective from January 1992.
Even though this is only 10 years worth of difference, it may well be important if the leaseholder is trying to have a lease extension and applies in the beginning of February 2011, when in fact the lease is less than 80 years old. Had the leaseholder therefore made their application in Jan 2011, they would find themseleves within the 80 year limit. This 80 year cut off time is extremely important as it can mean the leaseholder is liable for marriage value. So as it turns out the leasehold extension actually costs much more than expected.
Your solicitor whom is highly experienced and specialised in the area of extending a lease will help you make sure that the process moves as smoothly as possible. They will deal with any negotiations and complex points of law. Even though you will find that legal costs for a lease extension is extremely competitive, this will be worth it in the end as you will need this specialist help. You wouldn't take uncessary risks when dealing with you own care, so why would you consider doing so with the process of extending your lease?
About the Author
Bonallack & Bishop are a firm of solicitors experienced in helping you extend your lease (http://www.extendingalease.co.uk ). They can offer you advice on extending a lease today. Senior Partner Tim Bishop is responsible for all major strategic decisions, seeing himself as a businessman who owns a law firm. Tim has expanded the firm by 1000% in 12 years and has plans for its continued development.
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