Liverpool Lease Extensions

Life in Liverpool:

Liverpool is renowned for its historic docks and longstanding industrial heritage. While the demand in these sectors has decreased, the docks and inner city streets continue to thrive, flourishing into spaces for galleries, bars and restaurants.

The housing stock in Liverpool is just as charming. Here, you’ll find detached homes, historic Georgian properties and contemporary apartments. Numerous regeneration projects are underway, breathing new life into old buildings and revitalising the cityscape.

If you’re a leaseholder in Liverpool, you may find yourself in need of a lease extension. Understand how this procedure works within your area by examining this convenient location guide.

• Population of Liverpool: Data from the Office for National Statistics 2021 Census revealed that the population of Liverpool was 486,100.
• Average House Prices in Liverpool: According to Rightmove, properties in Liverpool had an overall average price of £212,528 over the last year.
• Neighbourhoods in Liverpool: Aigburth, Allerton, Anfield, Belle Vale, Broadgreen, Canning, Childwall, Chinatown, City Centre, Clubmoor, Croxteth, Dingle, Dovecot, Edge Hill, Everton, Fairfield, Fazakerley, Garston, Gateacre, Gillmoss, Grassendale, Hunt’s Cross, Kensington, Kirkdale, Knotty Ash, Mossley Hill, Netherley, Norris Green, Oglet, Old Swan, Orrell Park, St Michael’s Hamlet, Speke, Stoneycroft, Toxteth, Tuebrook, Vauxhall, Walton, Wavertree, West Derby, Woolton.
• Local Authority: The local authority of Liverpool is Liverpool City Council.

Lease Extension in Liverpool

Liverpool leaseholders have a statutory right to extend their leases by an additional 90 years. This procedure can be carried out by following either the informal (voluntary) route or the formal (statutory) route.

Liverpool City Council has a dedicated ‘Leaseholders’ section on their website; however, it does not specify their preferred method for lease extensions. In our experience, we advise leaseholders to take the statutory route if they have owned your property for at least two years. This procedure will give you substantial protection under the Leasehold Reform, Housing and Urban Development Act 1993.

Extending your lease is a legal process in a complex area of law. When you partner with The Lease Extension Company, you will receive the support of a skilled surveyor and an experienced solicitor to handle the legal work, negotiate the most affordable premiums, and secure the fairest terms for your property. See how we’ve helped past clients by viewing our excellent case studies.

The Lease Extension Process

Look below for an overview of a statutory lease extension procedure.

• Eligibility Check
• Valuation
• Serving the Section 42 Notice
• Receipt of the Section 45 Counter Offer
• Negotiation
• Agreement of Terms
• Registration of your new lease

For further details, please visit our ‘How Long Will My Lease Take?’ article.

Serving the Section 42 Tenant’s Notice

Before your Section 42 notice is drafted, one of our firms of specialist chartered surveyors will value your property for the purpose of the lease extension and identify the likely ‘premium’ (the price of your lease extension) you will pay your freeholder.

Identifying Your Competent Landlord

Our specialist solicitors will also identify the ‘competent landlord’ whose interest in the property is long enough to grant your 90-year lease extension.

Sometimes, this will be the direct landlord or housing management to whom you pay your service charge or ground rent. However, the competent landlord is often the freeholder of the building.

The Leasehold Reform Housing and Urban Development Act 1993 requires leaseholders to serve a Tenant’s Notice (Section 42 notice) on the ‘competent landlord’.

The Section 42 notice commences the lease extension and must include specific legal information. This is a technical legal notice, and it must be correctly drafted and validated to ensure your lease extension is deemed valid.

At The Lease Extension Company, we work with specialist legal firms in this specific area of law, ensuring that your notice is drafted and reviewed by leading experts in this field. The Section 42 notice will be sent to you for approval before it is forwarded to the solicitors, who will serve the notice to the Freeholder on your behalf.

Key Freeholders in Liverpool:

In many cases, Liverpool City Council will own the site’s freehold and be your competent landlord.

Many housing associations also operate in the area, providing affordable homes. Names include the likes of Cobalt Housing Ltd, Prima Group and Torus. The council’s ‘Find a housing association’ webpage has an extensive list of contacts.

If you have a leasehold through a shared-ownership scheme, your competent landlord may be a local provider such as Onward Living, One Vision Housing and South Liverpool Homes.

Please be aware that shared ownership leaseholders will only qualify for the statutory right to extend their lease if they have ‘staircased’ up to 100% ownership.

Finding Your Freeholder:

Your freeholder’s contact information is detailed in your original lease document. If you do not have your document, you can request a copy from the HM Land Registry for a small fee. As a client of the LEC, we can arrange this on your behalf.

How Much Will Your Lease Extension Cost?

Lease extension premiums vary from property to property because they are based on the following factors:

• The value of your property.
• The amount of ground rent and how much it increases over time.
• The number of years remaining on your lease.

Costs can also depend on the route to obtain your lease extension.

• Informal Lease Extensions: Costs are determined and agreed upon directly with your freeholder.
• Statutory Lease Extensions: You are responsible for the valuation and legal costs of both you and your freeholder, plus the premium for the additional years on your lease.

If you’re curious about your expenses, use our handy Lease Extension Calculator to estimate your premium.

About The Lease Extension Company’s Fixed Fee Service

At The Lease Extension Company, we take a straightforward approach to this complex area of property law. We’ll develop a detailed plan covering all stages, legal requirements and expected costs, which we combine into one simple fixed fee so you know what to expect from the onset.

You’ll also receive the guidance of an experienced surveyor and solicitor to ensure you’re not paying a penny more for your premium than necessary.

Begin Your Liverpool Lease Extension Today.

If you’d like to get the ball rolling, please speak with The Lease Extension Company to discuss your circumstances.

Get a quote or arrange a free consultation with our team by filling out our handy online form, calling us on 0800 098 2770 or emailing [email protected]. We look forward to hearing from you!