Sheffield Lease Extensions

Living in Sheffield:

Sheffield is often referred to as the ‘Steel City’ due to its heavy steel production in the 19th Century. This industrial city is also famed for its iconic music scene, excellent theatre complex and the oldest football stadium in the world!

Sheffield’s housing stock contains a high proportion of semi-detached homes constructed during the mid-20th century, along with terraced properties dating back to pre-1945. The city has lower levels of flats and detached properties compared to national and regional averages.

If you reside in a flat or shared ownership property, you have likely taken on a leasehold agreement. Many of these leases will shortly require a lease extension. Find out more about lease extensions in your area in this extensive guide.

• Population of Sheffield: The population of Sheffield was recorded as 556,500 in the 2021 Census (Office for National Statistics).
• Average House Price: According to Rightmove data, properties in Sheffield fetched an overall average price of £241,308 over the last year.
• Constituencies in Sheffield: Brightside and Hillsborough, Central, Hallam, Heeley, South East, Penistone and Stocksbridge.
• Local Authority: The local authority of Sheffield is Sheffield City Council.

Lease Extensions in Sheffield:

Leaseholders in Sheffield 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.

The local authority, Sheffield City Council, offers very little information about how to carry out a lease extension. However, the LEC usually advises taking the statutory route if you have owned your property for at least two years. This procedure will give substantial protection under the Leasehold Reform, Housing and Urban Development Act 1993.

When you partner with the LEC, we’ll also provide you with a skilled surveyor and experienced solicitor to negotiate your property’s cheapest premium and fairest lease terms. To see the results we’ve delivered in previous procedures, look to our excellent record of case studies.

The Statutory Lease Extension Process

See below for a quick 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, 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.

Find out more about the prominent Freeholders in Sheffield below.

Key Freeholders in Sheffield:

The main freeholder in Sheffield is Sheffield City Council, and they offer many leasehold and shared ownership opportunities in the region.

There are also around 18,000 properties of all sizes and types owned by housing associations such as Clarion Housing, Places for People and Sanctuary Housing. Browse the ‘Sheffield Directory’ or Sheffield Property Shop’s list of ‘Housing Associations’ to find information on all registered providers active in the area.

Finding Your Freeholder:

Your Freeholder will be listed in your lease document. If you do not have your original document, you can request a copy from the HM Land Registry for a small fee. As a LEC client, we can arrange this on your behalf.

How Much Will Your Lease Extension Cost?

Your premium is 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.

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

About Our Fixed Fee Service

At The Lease Extension Company, we take a straightforward approach to this tricky 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 where your money is going every step of the way.

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

Get a Quote for a Sheffield Lease Extension Today.

Partner with the LEC and enjoy a smooth lease extension procedure, from your initial consultation to the final HM Land Registry title.

Obtain 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].