Extending Your Lease
If you are thinking of selling your property over the coming years, it may be worthwhile checking the length of your lease.
All Southend-on-Sea Borough Council Leases were created for a term of 125 years. The creation date is normally indicated at the start of the Lease on page 1.
Why extend my lease?
The majority of Southend-on-Sea Borough Council Leases were created in the 1980s when the flats were sold via the Right to Buy Scheme. If you look to sell your property, many mortgage companies require leases to be at least 65 years in length. Furthermore, by extending your lease you are maintaining your home’s value and helping to ensure a hassle-free sale should you sell your flat.
How long can I extend the Lease for?
The Leasehold Reform Housing and Urban Development Act 1993 (as amended) can grant a lease extension of up to 90 years in addition to the remaining term of the Lease.
How would I begin the process?
Under the Act you can serve notice on the Landlord that you wish to extend the Lease, however there is a lot of preparation required to begin this formally. This can include checking eligibility, instructing solicitors/professional advisors, assessing the premium and establishing finance.
Where can I get assistance?
As always we would recommend seeking legal and professional advice prior to beginning lease extension procedures.
The Leasehold Advisory Service provides an excellent Guide on Lease Extension together with a list of their approved solicitors and surveyors. Their website also features a Lease Extension Calculator.
To contact them please visit www.lease-advice.org.uk or call 0207 832 2500.
How much will it cost?
In addition to the premium cost for an extension and your own legal fees you will also need to pay the Council's and South Essex Homes' fees. These are currently:
£600 for a Valuation
£500 for Legal Fees
£48 for South Essex Homes' Administration Costs
The Council’s Solicitors will get an undertaking from your solicitors that costs will be paid prior to proceeding with a valuation
Pages in Leaseholders
- 1. Leaseholders - an introduction
- 2. Service Charges
- 3. Renewals Fund
- 4. Major Works and the Section 20 Process
- 5. Buildings Insurance
- 6. Extending Your Lease - You are here
- 7. Repairs & Maintenance
- 8. Dealing with Condensation
- 9. Gas Safety
- 10. Selling Your Property
- 11. Renting your Property
- 12. Ways to get involved
- 13. Who to contact with your query