Lambeth Lease Extensions

Living in Lambeth:

Lambeth is one of the most vibrant boroughs in London. Between the tourist sights of Southbank and the buzzing nightlife of Brixton, there is no shortage of things to do.

Settlements in this area trace back to Roman times. However, the borough remained sparsely populated until the 18th century, when people began to work and live along the Thames. Today, the riverfront is home to the South Bank Arts Complex, one of Europe’s major cultural centres.

Although Lambeth boasts many tourist attractions, it is primarily a residential area. Many residents of this inner London borough require a lease extension for their property. Learn more about the specific requirements for your location in this article.

• Population: Between the last two censuses (2011 and 2021), the residents of Lambeth increased by 4.8%, from around 303,100 to around 317,700 (ONS).
• Average House Price: The majority of sales in Lambeth during the last year were flats, selling for an average price of £620,485 (Rightmove).
• Areas in Lambeth: Angell Town, Brixton, Brixton Hill, Clapham, Clapham Park, Crystal Palace, Gipsy Hill, Herne Hill, Kennington, Lambeth, Loughborough Junction, Balham, Oval, Stockwell, Streatham, Streatham Hill, Tulse Hill, Vauxhall, Waterloo, West Dulwich, West Norwood.
• Local Authority: The local authority in Lambeth is Lambeth Council.

Lease Extension Regulations in Lambeth

If you own a leasehold property in Lambeth, you can extend your lease by an additional 90 years. This procedure can be carried out formally or informally.

That said, we often advise clients who have owned their property for at least two years to opt for the statutory (formal) route because it offers legal protection under the Leasehold Reform Housing and Urban Development Act 1993.

Lambeth Council also favour the formal procedure, as stated in their ‘Homeowners Handbook’. Additionally, they recommend seeking independent legal advice to help serve important notices and abide by strict deadlines.

When you’re a client of The LEC, we will provide you with specialist surveyors and solicitors who will serve all necessary notices and negotiate your property’s cheapest premium with the fairest lease terms. To see the results we’ve achieved for our previous clients, look at our case studies.

The Lease Extension Process

See below for a summary 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

For further information, browse 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 lease extension and identify the likely ‘premium’ (the price of your lease extension) you will pay your freeholder.

Identifying Your Competent Landlord

Our skilled 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 begins 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 niche area of law, ensuring that your notice is drafted and reviewed by leading experts in this field. This document will be sent to you for approval before it is forwarded to the solicitors who will serve the Section 42 notice to the Freeholder on your behalf. For more insight into freeholders in Lambeth, see the information below.

Key Freeholders in Lambeth:

One of the most prominent freeholders in Lambeth is the Lambeth Council itself. There is a high probability they will be your competent landlord.

Lambeth also has over 50 registered providers who manage over 30,000 properties. The list of organisations includes city-wide names such as A2Dominion, Clarion Housing and Hyde Housing, plus local associations like Brixton Housing Co-op. The complete list of providers is available on the council’s ‘Housing Associations in the Borough’ webpage. In some cases, one of these names may be your competent landlord.

Finding Your Freeholder:

Find the details of your freeholder in your original leasehold agreement. If you do not have this, you can request a copy from the HM Land Registry or ‘Request a copy of your lease’ from the council for a small fee. As a client of The Lease Extension Company, we can arrange this for you at the beginning of the process.

How Much Will Your Lease Extension Cost?

The cost of each procedure is different as it depends 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.

The cost can also depend on your route to acquire 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.

Gauge your costs by using our Lease Extension Calculator to estimate your premium.

About The LEC’s Simple Fixed Fee Service

The Lease Extension Company is transforming the typical lease extension process by making it as straightforward as possible. Our approach involves developing a detailed plan covering all stages, legal requirements and expected costs.

For peace of mind, all costs will be consolidated into a straightforward fixed fee, giving you a clear understanding of what to expect from the onset.

You’ll also receive the professional guidance of an experienced surveyor and solicitor who will guide you through the process, ensuring you do not pay more than necessary for your premium.

Commence Your Lease Extension in Lambeth.

To extend your lease in this borough of London, get a quote or organise a free consultation with The Lease Extension Company.

Contact us via our online form, by calling us on 0800 098 2770 or by emailing [email protected] – we are happy to help.