How Much Will My Lease Cost

Costs of lease extensions are often vague and confusing, making it difficult to decide whether to go ahead with the process.

At LEC, we’re transforming the typical lease extension process so our clients can enjoy a simple, cost-effective service.

Let us introduce you to our all-in-one, money-saving fixed fee service.

How much does a lease extension cost?

One of our most frequently asked questions is how much a lease extension costs.

We often speak to clients keen to know the total cost of the lease extension premium up-front, the only way to determine this accurately and ensure you don’t pay too much for your lease extension is via a specialist valuation for the purpose of your lease extension.

The start of the lease extension process laid out within The Leasehold Reform, Housing, and Development Act 1993, is for you as the leaseholder to undertake your own independent valuation.

The Valuation

Sometimes people perceive a specialist lease extension valuation as an additional cost and hassle, but in the right hands, this might be some of the best money you spend. Using a specialist RICS surveyor can help ensure you don’t pay a penny more for your lease extension (premium) than necessary which is why we use the leading specialist surveyors to undertake valuations for our clients.

Your valuation report is valid for six months after publication. It can be easily updated after this period if required, providing you with the option of additional time if needed to consider your circumstances and/or pause the process.

The cost of your premium is determined by many variables, and specific calculations and considerations undertaken by the surveyors within their valuation reports. So, the skill and experience of the surveyor who undertakes your valuation report may well impact the price you pay for your premium. With our specialist teams, we can assure you are in the best capable hands.

Before you undertake your valuation, it is possible to estimate the cost of extending your lease by inputting your details into our Lease Extension Calculator or the Government’s lease extension website.

Paying the Legal Costs and Valuation of your Freeholder

In addition to your costs, you are legally required to pay the legal costs of your freeholders’ solicitors and valuation, we include an allowance for this within our quotations, and within all statutory lease extensions, these costs must be deemed ‘reasonable’.

As you can see, costs can quickly accumulate, which is why at the LEC, we eliminate hidden fees and the meter running costs with our fixed fees and detailed breakdowns within your project plan.

To explore the differing costs for various scenarios and the results we achieved, visit our website’s ‘What We Do’ page and browse through case studies of clients we’ve helped.

What does the fixed fee include?

From the get-go, we work closely with every client, putting together a bespoke project plan detailing each stage, legal requirement and costs so that you have a complete understanding of the process.

Once your details are confirmed, we set a fixed fee which combines the costs of our dedicated team of specialist solicitors and surveyors. Everything is taken care of, from instruction to the final title registration with the HM Land Registry, so you don’t need to worry about expenses creeping up on you.

Visit our dedicated section about our fixed fee costs for more information about our service.

Book a lease extension consultation

To get the ball rolling, or find out more about our lease extension service, book a free, no-obligation appointment with our specialists and receive your free copy of ‘How To Extend Your Leasehold – The LEC Guide’.

Simply fill out our contact form, email us at [email protected] or call us on 0800 098 2770.