Reading Lease Extensions

Living in Reading:

The Domesday Book of 1086 records Reading as a small town with a population of around 600. Today, Reading is the largest town in the UK without city status.

The town’s fortunes changed with the Abbey’s founding in 1121, which, along with the Wool Trade, made Reading a prosperous settlement. The Abbey was founded by Henry I, who is buried within its grounds!

Reading is renowned for some of the greatest British Victorian architects, such as Sir John Soane, Sir George Gilbert Scott, Augustus Pugin, and Alfred Waterhouse. Their works, including the iconic clock tower, can still be seen throughout the town.

If you’re a leaseholder in this Berkshire town, look no further than this guide for all the information you need about extending your lease in Reading.

• Population of Reading: The 2021 ONS Census announced that the population of Reading sat at around 174,200. This number highlights an 11.9% increase from the census the decade before. At the last census, this area was also named among the top 15% most densely populated English local authority areas.
• Average House Price: Properties in Reading had an overall average price of £432,293 over the last year, with flats fetching £238,488.
• Suburbs in Reading: Beansheaf Farm, Calcot, Caversham, Caversham Heights, Caversham Park Village, Coley, Coley Park, East Reading, Fords Farm, Green Park, Holybrook, Katesgrove, Little Heath, Lower Caversham, Lower Earley, Newtown, Purley on Thames, Southcote, Tilehurst, West Reading, Whitley Wood, Whitley.
• Local Authority: The local authority of Reading is the Reading Borough Council.

Lease Extensions in Reading:

Leaseholders in Reading have a statutory right to extend their lease by an additional 90 years. There are two ways to gain a lease extension: the informal (voluntary) route or the formal (statutory) route.

Reading Borough Council offers limited information about lease extensions and leaseholds in general. However, we recommend taking the statutory route if you 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.

Partner with the LEC, and you will receive a skilled surveyor and experienced solicitor to negotiate your property’s cheapest premium and fairest lease terms. If you’re curious about our results, look to our excellent record of case studies.

The Lease Extension Process

Look below for an overview of the 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 for more information about each step.

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.

Read on to find the main freeholders in Reading.

Key Freeholders in Reading:

Reading Borough Council owns approximately 7,000 homes, so there is a likelihood that they may be your competent landlord.

A further 2,000 homes are affordable and shared ownership properties owned by Registered Providers such as Homechoice at Reading, L&Q and Sovereign Network Group. One of these providers or a similar organisation might serve as your property’s freeholder.

Finding your Freeholder:

The details of your Freeholder will be cited in your original lease. If you’re missing this document, you can get a copy from the HM Land Registry for a small fee. As a client of The Lease Extension Company, we can arrange this for you.

How Much Will Your Lease Extension Cost?

Premiums are based on the following individual factors:

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

The cost can also depend on your 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.

To estimate your cost, please use our helpful Lease Extension Calculator tool.

About Our Fixed Fee Service

At The Lease Extension Company, we take a straightforward approach to this complicated area of property law. To do this, we will develop a detailed plan covering all stages, legal requirements, and your expected costs. All costs will be combined into a simple fixed fee, so you know what to expect from the beginning of the process.

You’ll also receive the support of a proficient surveyor and solicitor to ensure you’re in safe hands and not paying a penny more for your lease extension (premium) than necessary.

Begin Your Lease Extension in Reading Today.

Simply get a quote or arrange a free consultation with our team of experts by filling out our handy online form, calling us on 0800 098 2770 or emailing [email protected]. We’d be delighted to help.