Many people believe that extending their lease will only be a matter of exchanging correspondence and signing a new document. No one anticipates that conflict with the freeholder may arise and thus a case may end up in the Leasehold Tribunal. It is often assumed that extending a lease before it has less than 80 years left to run is cheap way of ensuring security over your leasehold, this can often be the case, but one has to be aware that things are not always that simple.
Then you hit a snag, the landlord did not agree the valuation of the lease extension which you had thought quite reasonable. He didn't. He was trying to negotiate a higher figure.
Now costs start tumbling in, everything is beginning to look more precarious and you feel a bit out of your depth. Well, who wouldn't be with legal costs beckoning around the next corner? Why? Because if the landlord suffers a loss due to the extension then the tenant has to pay this back as compensation.
How precisely is the loss worked out? The amount is the difference between the value of the flat before the 90 year extension and after it is granted. Oh yes, and on top of that you have to pay the landlord's costs and any valuation expenses.
The conflict over the amount of the valuation and the increasing costs has made you feel even more unsure. Extending your lease might not always seem the easy option. You now have to attend a Tribunal to sort it out. A Tribunal! It sounds frightening.
You start to panic and feel unsure. What if's...creep into your mind. You cannot let it effect you so that you begin to wish you didn't begin the process. You relationships with people at work, family and friends could all be effected. What is going to happen?
The first thing that is going to happen is that you are going to seek the help of a solicitor. You are going to find one who is specifically qualified in lease extension laws, rights and regulations.
Take a break; chill out. Once you have passed over dealing with the extension to your lawyer, you can relax and let them do the leg work. Find an experienced solicitor who will know all about extending leases now and get the right support you will need.