Why would I need to extend my lease?
- Most leases are granted for a term of 99 or 125 years
- The value of the property may decline if the lease term goes under 80 years
- This can be resolved by extending the lease
Want to find out more?
To start the Lease Extension process, or for any other queries, please contact the Home Ownership team either by emailing home.ownership@hightownha.org.uk or calling 01442 292535.
Voluntary Lease Extensions
Hightown offers voluntary lease extensions to our leaseholders and shared owners (where Hightown owns the freehold).
- Hightown will arrange for a surveyor to visit your property to determine the cost (‘the premium’) for extending the lease.
- The surveyor will provide Hightown with their valuation report.
- Hightown will then provide the cost to you (please note the cost provided cannot be negotiated).
If you are happy to proceed with the cost provided, you will need to instruct a solicitor to act on your behalf; Hightown will then instruct their solicitor to liaise with yours.
The lease will usually be extended with an additional 90 years to the original term.
What other costs are involved?
- The valuation fee is £600 including VAT, which is payable upfront to Hightown.
- Hightown has an administrative fee of £220 including VAT (which will need to be paid for upon completion).
- Hightown's solicitor's fee is approximately £500 plus VAT and disbursements (on the basis the matter remains straightforward).
Please note we are unable to determine the exact cost of the lease extension until the valuation has been carried out. You may be able to obtain an estimate via The Leasehold Advisory Service website.
