Greenwich Lease Extensions

Living in Greenwich:

Thanks to its cobbled streets and charming independent shops, The Royal Borough of Greenwich has a distinctly rural feel. However, set against the backdrop of Canary Wharf’s soaring high-rise buildings and the Thames River, it retains a solid urban character.

Greenwich has an impressive blend of maritime history, arts, architecture, and greenery, making it a popular place for families, retirees and professionals.

You may require a lease extension if you own a property in this prime South East London location. For a deeper understanding of lease extensions in your locality, continue reading below.

• Average House Price: Greenwich is among the most affordable boroughs in London, under £500,000 than the asking price for the average London home.
• Getting Around: Greenwich is well connected by serviced by traditional public transport such as bus, rail, and DLR. It also offers exciting modes of transportation like Uber Boat and IFS Cloud cable car for aerial views of the city.
• Areas in Greenwich: Abbey Wood, Avery Hill, Blackheath, Charlton, Coldharbour, Deptford, Eltham, Horn Park, Greenwich, Greenwich Peninsula, Kidbrooke, Lee, Mottingham, New Charlton, New Eltham, Plumstead, Shooters Hill, Thamesmead West, Thamesmead, Well Hall, Westcombe Park, Woolwich.
• Local Authority: The local authority is The Royal Borough of Greenwich.

Lease Extension Regulations in Greenwich

Greenwich is home to many leasehold and shared ownership homes, on which you have a statutory right to extend your lease by an additional 90 years.

When extending your lease, there are typically two choices: the formal or informal route. However, The Royal Borough of Greenwich’s ‘Lease Extension’ webpage suggests that leaseholders proceed with a formal lease extension, as governed by the Leasehold Reform, Housing and Urban Development Act 1993.

Independent legal advice is recommended when dealing with statutory procedures, particularly in complex legal areas like property law.

As evidenced by our excellent record of case studies, The Lease Extension Company has completed many formal lease extensions.

You can trust us to deliver the fairest results for you and your property based on our experience and knowledge of your borough.

The Lease Extension Process

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

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

If you want further information, please read our helpful ‘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 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’ 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 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 niche 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 Greenwich:

The most prominent freeholder of flats and maisonettes in the Greenwich area is The Royal Borough of Greenwich.

According to the council, the landlord on whom you must serve the S.42 notice is The Mayor and Burgesses of the Royal Borough of Greenwich.

Other freeholders you have the option of contacting are E&J Estates and Regis Group via Pier Management.

There are also several housing associations in the area which allow for shared ownership opportunities. This includes landlords such as Optivo, Hyde Housing and Peabody. You can find a complete listing of Greenwich’s housing associations on the council’s ‘Housing Associations in the Royal Borough’ page.

Please be mindful that a shared ownership leaseholder only qualifies for the statutory right to extend their lease if they have ‘staircased’ up to 100% ownership.

Finding your Freeholder

When you purchased the property, you should have received a document containing all the necessary details about your lease, including the details of your freeholder.

If you cannot locate your lease document, request a copy from The Royal Borough of Greenwich’s Home Ownership Service. You must make a written request to the address listed on their ‘About Your Lease’ webpage.

Alternatively, you can obtain a copy by contacting the Land Registry. Please note that you may have to pay a small fee for this service. As a client of the LEC, we can assist you with this task.

How Much Will Your Lease Extension Cost?

Before heading into a lease extension, it’s helpful to consider all potential costs.

Lease extension premiums are based on the following:

• 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 the way you 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 costs, please turn to our helpful Lease Extension Calculator to estimate your premium.

The Lease Extension Company’s Fixed Fee Service

At The Lease Extension Company, we take the complication out of this difficult area of property law.

To do this, we develop a detailed plan covering all stages, legal requirements, and your expected costs combined into one simple fixed fee.

You will also receive straightforward, professional guidance from an experienced surveyor and solicitor to ensure you’re not paying a penny more for your lease extension (premium) than necessary.

Initiate Your Lease Extension in Greenwich Today.

We’d love to hear from you if you’re preparing to extend your lease in Greenwich.

Get a quote or arrange a free consultation with our team of experts by filling out our convenient online form, calling us on 0800 098 2770 or emailing [email protected].