Bexley Lease Extensions

Living in Bexley:

The southeastern London Borough of Bexley offers a vibrant mix of housing options, including commuter-friendly apartments, spacious period houses, and cosy semi-detached properties.

In addition to the housing, Bexley features a thriving hub of independent cafés and unique boutiques. The region is also rich in history, boasting approximately 70 listed buildings.

This variety creates a dynamic atmosphere that appeals to residents and visitors alike.

As a result, the population of this underrated area of London has gradually increased by 6.3% from 2011 to 2021.

• Property: The average property price is less than £380,000, significantly cheaper than the London average. It’s the second cheapest Borough in London, only surpassed by Barking and Dagenham.
• Safety: Bexley is the third safest borough in London, facing 33% fewer crimes than London’s overall crime rate (2022).
• Areas in Bexley: Abbey Wood, Barnehurst, Belvedere, Bexley, Bexleyheath, Blackfen, Blendon, Bridgen, Crayford, East Wickham, Erith, Foots Cray, Halfway Street, Longlands, North Cray, Northumberland Heath, Sidcup, Thamesmead, Welling.
• Local Authority: The London Borough of Bexley Council.

Lease Extension Regulations in Bexley

If you own a leasehold flat in Bexley, you can extend your lease by an additional 90 years.

This procedure can generally be carried out either formally or informally. However, suppose you have owned your property for at least two years. In that case, the statutory (formal) route will offer valuable legal protection under the Leasehold Reform, Housing and Urban Development Act 1993.

Councils often suggest leaseholders take the statutory route as each step is regulated and legally recorded.

However, Bexley Council does not have a housing stock of its own and relies on housing providers for its properties. Therefore it’s advisable to enquire about the preferred method directly with your housing provider.

Regardless of the preferred method, The Lease Extension Company can support you through the process.

We have a wealth of experience with formal and informal lease extensions in and around London, evidenced in our case studies.

The Lease Extension Process

See below for a step-by-step outline of the lease extension process.

• Eligibility Check
• The Initial Consultation
• Determine which path to choose: the statutory (legally protected) or the informal (direct) route.

The Stages of the Statutory (Legally Protected) Route:

• Valuation
• Serving of the Section 42 Notice
• Receipt of the Section 45 Counter Offer
• Negotiation
• Agreement of Terms
• Potential Involvement of the Courts

If you would like further information, read our helpful ‘How Long Will My Lease Take?’ article.

Serving the Section 42 Tenant’s Notice

Before your Section 42 notice is draft one of our firms of specialist chartered surveyors will undertake the valuation of 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 is the 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 certain key legal information. This is a technical legal notice, and it is imperative that it is correctly drafted and validated to ensure your lease extension is deemed valid.

At The Lease Extension Company, by working with the leading specialist legal firms in this very niche area of law we can ensure your notice is drafted and reviewed by the leading experts in this field of law before it is sent for your approval ahead of the solicitors serving Section 42 notice on your behalf to the Freeholder.

Key Freeholders in Bexley

Bexley Council is a non-stocking authority, which means that they do not own any properties.

Instead, Bexley partners with numerous Housing Associations to provide their leasehold homes. Some leading providers are Orbit South, London and Quadrant (L&Q), Peabody and Moat.

You can view the complete list of Bexley Council’s Housing Association Partners here.

Each association will likely have a different preference for how to carry out a lease extension, so we advise speaking with them directly.

Finding your Freeholder

To identify your freeholder, refer to your original lease agreement document.

If you can’t locate your lease document, you can receive a copy from the Land Registry for a small fee.

How Much Will Your Lease Extension Cost?

The costs associated with each procedure may differ; however, they are primarily based on the following 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.

Costs can also depend on your path to attaining 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 assist you in estimating your premium, we have also created a helpful Lease Extension Calculator tool. Use this to give you a general idea of your costs and plan accordingly.

About Our Fixed Fee Service

The Lease Extension Company is revolutionising the standard lease extension process by making it as straightforward and transparent as possible.

We will develop a detailed plan that covers all stages, legal requirements, and your expected costs which are consolidated into a straightforward fixed fee.

With a fixed fee, there are no surprises or hidden charges, giving you peace of mind throughout the process.

You’ll also receive the professional guidance of an experienced surveyor and solicitor familiar with this challenging area of property law. This will ensure a smooth procedure and guarantee you do not pay more than necessary for your lease extension premium.

Get Started With Your Bexley Lease Extension Today.

To get the ball rolling with your lease extension, get a quote or arrange a free consultation with The Lease Extension Company.

Simply complete our convenient online form, call us on 0800 098 2770 or email [email protected].