How Long Does A Lease Extension Take​

 If you're a leaseholder in the UK, you might wonder about the cost of extending your lease. The price varies based on your lease length, ground rent, property value, and where you live. London, in particular, can be pricey.

At Taylor Chartered Surveyors, we know how critical it is to get the right advice. This guide will cover everything you need to know about lease extension valuation, typical costs, legal steps, and the process in London.

Why Extend Your Lease?

Let's quickly talk about why extending your lease is important:

• A lease with less than 80 years left can lower your property's value a lot.

• Short leases make selling or remortgaging harder.

• When your lease falls below 80 years, you'll have to pay marriage value. This is an extra cost to the freeholder.

Understanding your lease extension valuation is key to safeguarding your investment.

Factors That Affect Lease Extension Costs

The cost of a lease extension varies a lot. Several things can change the final price. These include:

1. Remaining Lease Term

Leases with less than 80 years left cost more because of marriage value. The shorter your lease, the higher the premium.

2. Property Value

The more your flat or house is worth, the pricier the lease extension. Valuations can change based on market trends.

3. Ground Rent

High ground rent means a more expensive lease extension. The freeholder is giving up future income.

4. Location (e.g., Lease Extension in London)

In places like London, lease extensions cost more because of high property prices. Taylor Chartered Surveyors often sees higher costs in central London.

Average Lease Extension Costs

Here are some rough cost estimates, excluding legal and valuation fees:

Lease Length	Approx. Property Value	Estimated Lease Extension Premium
90+ years	£250,000	£4,000 – £6,000
80–90 years	£300,000	£6,000 – £10,000
70–80 years	£400,000	£12,000 – £20,000+
<70 years	£500,000+	£25,000 – £50,000+

💡 Note: These are indicative figures. A formal lease extension valuation from a qualified surveyor is essential for accuracy.

Lease Extension Valuation: What It Involves

A professional lease extension valuation is key to avoid overpaying. At Taylor Chartered Surveyors, our RICS-accredited team follows accepted methods under the Leasehold Reform, Housing and Urban Development Act 1993.

We consider:

• Current market value of your property

• Ground rent schedule

• Length of remaining lease

• Potential for marriage value

• Location-specific market data (for lease extension in London)

Legal & Professional Fees

When figuring out how much a lease extension costs, remember the extra professional fees:

Typical Costs:

• Valuation Fees: £500 – £1,000+ (varies with complexity)

• Solicitor Fees (Leaseholder): £800 – £1,500

• Solicitor Fees (Freeholder – paid by you): £500 – £1,200

• Tribunal Costs (if applicable): £1,000 – £3,000+

👉 As a leaseholder, you are also required by law to pay the freeholder's reasonable legal and valuation costs.

How the Lease Extension Process Works

Here’s a simple guide to the process:

Step 1: Check Eligibility

To extend under the statutory route, you must have owned the property for at least two years.

Step 2: Get a Lease Extension Valuation

Hire a qualified surveyor like Taylor Chartered Surveyors to determine your premium.

Step 3: Serve a Section 42 Notice

This formal notice starts the lease extension process. Your solicitor will prepare and send it.

Step 4: Freeholder Responds (Section 45 Notice)

They can accept or propose a counteroffer. Negotiations typically follow.

Step 5: Negotiate or Apply to Tribunal

If you can’t agree, you may apply to the First-tier Tribunal to resolve the dispute.

Step 6: Complete the Lease Extension

Once terms are agreed, legal documents are drawn, and the new lease is registered with the Land Registry.

Lease Extension in London: A Closer Look

If your property is in London, you're likely facing higher lease extension costs due to elevated property prices. Whether you own a flat in Chelsea, Camden, Hackney, or Islington, the lease extension valuation must reflect these regional nuances.

At Taylor Chartered Surveyors, we specialize in lease extension in London, providing in-depth knowledge of local markets and precise valuation techniques to ensure fair negotiations.

How Taylor Chartered Surveyors Can Help

We’ve helped hundreds of leaseholders across London and the UK secure favorable lease extension terms. Here’s what makes us different:

✔ RICS-Accredited Valuations

Our valuations are court-defensible and aligned with legislation.

✔ London Market Specialists

We understand the nuances of lease extension in London, from premium postcodes to hidden local factors.

✔ End-to-End Support

From valuation to negotiation and Tribunal support, Taylor Chartered Surveyors provides a seamless, supportive experience.

✔ Transparent Pricing

We offer competitive rates for our valuation services, always discussed upfront—no surprises.

FAQs

Q: Can I extend my lease without a formal valuation?

Technically yes, but you risk overpaying or facing disputes. A professional lease extension valuation ensures accuracy.

Q: Is it worth extending a lease with 85 years left?

Yes. Once the lease drops below 80 years, costs soar. This is due to something called marriage value.

Q: Can I negotiate the premium myself?

While you might try, we advise against it. Professional help is safer to avoid legal and financial issues.

Final Thoughts: Don’t Delay Your Lease Extension

Delaying can lead to much higher costs. If you're wondering, “How much does a lease extension cost?”, think about this: “How much could it cost if I wait too long?”

In London or elsewhere, Taylor Chartered Surveyors offers expert advice. We provide reliable valuations and peace of mind.

Read More: How Much Does A Lease Extension Cost​