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
To start the Lease Extension process, or for any other queries, please contact the Home Ownership team either by emailing email@example.com or calling 01442 292535.
Voluntary Lease Extensions
Hightown offers voluntary lease extensions to our leaseholder and shared owners (where Hightown owns the freehold).
- We will arrange for a surveyor to visit your property and provide a valuation report for the cost of the lease extension (for an additional 90 years to the original term)
- The fee for valuation is £354, which will need to be paid before the surveyor is instructed.
- Please note that the figure provided cannot be negotiated
If you are happy to proceed with the amount quoted, you will then need to instruct a solicitor to act on your behalf. Hightown will then instruct our solicitor to liaise with yours about the process.
What other costs are involved?
- Hightown has an administrative fee of £180 including VAT for this process (which will need to be paid for upon completion).
- Hightown's solicitor's costs will also need to be paid for upon completion, which for the voluntary process (on the basis the matter remains straightforward) are approximately £995 plus VAT, plus disbursement of £18.00.
- Please note that these costs do not include the actual lease extension premium.
It is also worth noting that we are unable to determine the exact cost of the lease extension until a formal valuation has been carried out. You may be able to obtain a rough estimate via this website. However please note that this is not always entirely accurate.
To contact the Home Ownership Team, please email firstname.lastname@example.org or call 01442 292535.