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?

  • You instruct an independent valuer from the Panel of Surveyors ( Panel of Surveyors.pdf [pdf] 138KB) or obtain a separate Royal institute of chartered Surveyors (RICS ) Valuation. Estate Agency valuations are not acceptable.

The valuer will ask you to provide a copy of your lease. Your solicitor should have given you this  when you bought the property,  or you can obtain a copy from land registry for a small fee

https://www.gov.uk/government/organisations/land-registry

  • Send the valuation report to homeownership@muir.org.uk and complete the form below.
  • We will confirm the premium to you and ask you to confirm you want to go ahead.
  • We both 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.

 

Leasehold Extension

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