If you are eligible to extend your lease by the statutory means, the next stage is to appoint a surveyor to calculate the premium you owe to the landlord for the lease extension.
After the surveyor has calculated the premium, your solicitor will draft an Offer Notice under Section 42 of the Leasehold Reform and Urban Development Act 1993.
After the Section 42 Notice has been served, the landlord can request a deposit, see the title documents and inspect the property to reach their own valuation.
The Landlord has until the expiry of the deadline specified in the offer notice to serve a counter notice, otherwise known as a Section 45 Notice, which must either…
After the landlord has served the counter notice, the respective valuers of the landlord and the tenant will usually open negotiations over the premium amount.
If terms are not agreed within two months from the date the counter notice was received, you can apply to the FTT to determine the premium and other terms of the new lease.
In this post we summarise the circumstances in which you may need to apply to the county court in order to progress with your lease extension.
Once you and the landlord have agreed all the terms of acquisition for the new lease, the next stage is the conveyancing process which is also known as ‘completion’.