Extend My Lease
When the original lease was entered on your home, this was typically for 99 or 125 years.
When a property is sold, a new lease is not created. The lease is assigned to the new owner.
The value of the property can reduce when there are fewer than around 80 years left on the lease.
This can make it difficult to remortgage or sell a property
Can I extend my lease?
There is a statutory right to extend a lease where 100% of the leasehold interest is owned. For a flat this is to add 90 years onto the remaining term of the lease and for a house this is 50 years.
Here at Muir we offer a simpler voluntary lease extension option.
How long can I extend my lease for?
We can add an extra 90 years onto your lease.
For example, if your lease had 70 years left, the lease extension would mean your new lease would be for 160 years.
Will I still pay service charges?
Yes – if you extend your lease you will continue to pay service charges
Costs of extending my lease
You will be responsible for the costs of:
- The valuation fee to determine the premium
- Muir’s administration fee – payable on completion
- The Premium
- Your solicitor’s fees
- Muir’s legal fees
If Muir is not the freeholder, a freeholders legal and administration fees will also be payable.
How much is the premium?
We cannot give you any advice on how much the premium will be. The valuer needs to confirm this.
The leasehold advisory service provide a lease extension calculator which can give you a general estimate of the premium payable. Find this here: https://www.lease-advice.org/
How do I apply?
- Complete the form below to tell us you want to extend your lease.
- We'll then give you a quote for a RICS valuer on the Panel of Surveyors (Panel of Surveyors - 2023.pdf [pdf] 162KB) and ask you to pay their fee up front. The fee is usually £250 - £400 and is payable even if you decide not to continue.
- The valuer will contact you to arrange a visit and will send us their valuation report.
- We will then confirm the premium and ask you to confirm if you want to proceed.
- If you chose to go ahead, both you and Muir will instruct solicitors, and our solicitors will prepare the new lease.
How long does it take?
A voluntary lease extension should take no more than three months.
More information
You can find more information about lease extensions on the Leasehold Advisory Service website at www.lease-advice.org
There may be legislative changes to lease extensions, and we recommend you seek your own independent legal advice.