Bromley Lease Extensions

Living in Bromley:

In 2014, Bromley was named one of London’s happiest boroughs, and it’s easy to see why. The unemployment rate is among the lowest in London, the area is filled with character, and plenty of greenery complements the urban environment.

Regarding housing, Bromley also provides a diverse selection of properties. You’ll find everything from large Victorian detached houses to modern apartments perfect for commuters.

• Population: Bromley is geographically the largest of all 32 London boroughs, occupying 150.1 km² of land. However, Bromley’s population in 2021 was 330,000, making it the joint 6th largest London borough.
• Places in Bromley: Anerley, Beckenham, Biggin Hill, Bickley, Bromley, Chelsfield, Chislehurst, Cudham, Downe, Elmers End, Elmstead, Farnborough, Green Street Green, Hayes, Kevingtown, Keston, Leaves Green, Locksbottom, Mottingham, Orpington, Penge, Petts Wood, Pratt’s Bottom, Shortlands, Southborough, St. Mary Cray, St. Paul’s Cray, Sydenham, West Wickham, Westerham Hill.
• Local Authority: The London Borough of Bromley Council.

Lease Extension Regulations in Bromley

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

Generally, this procedure can be carried out either formally or informally.

However, suppose you have owned your property for at least two years. In that case, we recommend taking the statutory (formal) route, as this offers you legal protection under the Leasehold Reform, Housing and Urban Development Act 1993.

Councils and housing providers also tend to gravitate towards the statutory route because of its regulated and recorded method.

In Bromley, many property units are managed by individual housing associations, each with its preferred method for extending leases.

Listed below are the most prominent associations, along with their preferred method:

• Riverside: Open to formal and informal extensions.
• Hyde Housing Association Limited: Open to formal and informal extensions.
• A2Dominion Housing: Open to formal and informal extensions.
• Optivo: Encourages informal lease extensions.

The Lease Extension Company is proficient in formal and informal lease extensions, particularly within London, as shown in our record of case studies.

Using our professional experience and knowledge of your borough, we will develop a successful plan tailored to your needs.

The Lease Extension Process

Refer to this step-by-step outline to better understand 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

To learn more about the length of your lease, we recommend reading our ‘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 Bromley

Since 1992, Clarion Housing Group has owned all of Bromley’s former council housing and is the biggest freeholder in the borough.

However, Bromley Council also works with several other housing associations and agencies to provide housing units such as Riverside, Hyde Housing Association Limited, A2Dominion Housing and Optivo.

These housing associations can act as your competent landlord if their lease is long enough.

Finding your Freeholder

To find your freeholder, look to your original lease agreement document.

If you cannot locate your original document, you can request a copy from the HM Land Registry for a nominal fee.

How Much Will Your Lease Extension Cost?

Lease extension costs differ because they are based on the unique conditions of your property.

The following are the main factors that are considered when calculating the premium:

• 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.

Please take advantage of our helpful Lease Extension Calculator tool to give you a rough idea of your costs.

Our Money-saving Fixed Fee Service

The Lease Extension Company gives clients a detailed plan that covers all stages, legal requirements, and expected costs.

We will consolidate all expenses into a transparent fixed fee payment, so there are no nasty surprises or hidden charges around the corner.

You’ll also receive the professional guidance of a skilled surveyor and solicitor familiar with this challenging area of property law.

Using experienced specialists will ensure a smooth procedure and guarantee you only pay what is necessary for your lease extension.

Start your Lease Extension in Bromley Today.

Is your lease term running low? The sooner you extend your lease, the more money you will save.

Get a quote or arrange a free consultation with The Lease Extension Company to embark on a stress-free, money-saving lease extension journey. We’d love to hear from you!

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