Redbridge Lease Extensions

Living in Redbridge:

The London Borough of Redbridge is a predominantly residential area located on the fringes of London. Although it’s just outside the hustle and bustle of the city, locals are very well connected and can find themselves in central London in approximately 20 minutes.

The remains of Roman structures have been excavated at Valentines Park, Barkingside and Wanstead, confirming the historical settlements of Redbridge. Since then, it has been a popular site for country estates, farmland and, more recently, housing developments – many of which are leasehold tenures.

If you own one of these leasehold properties, it may be time to extend your lease. This one-stop guide will show you how this procedure operates in Redbridge and how The Lease Extension Company can help you achieve the best possible results.

• Population: In Redbridge, the population increased by 11.2%, from around 279,000 in 2011 to 310,300 in 2021. This statistic is much higher than the overall increase for England (6.6%), demonstrating the borough’s growing popularity (ONS Census 2021).
• Average House Price: According to Rightmove, properties in Redbridge had an average price of £557,663 last year, a 5% increase from the previous year.
• Areas in Redbridge: Aldborough, Barkingside, Bridge, Chadwell, Churchfields, Clayhall, Clementswood, Cranbrook, Fairlop, Fullwell, Goodmayes, Hainault, Ilford Town, Loxford, Mayfield, Monkhams, Newbury, Seven Kings, South Woodford, Valentines, Wanstead Park, Wanstead Village.
• Local Authority: The local authority of the London Borough of Redbridge is Redbridge Council.

Lease Extension Regulations in Redbridge

Leaseholders living in Redbridge can extend their lease by an additional 90 years.

You may extend your lease formally or informally. However, if you have owned your property for at least two years, we advise you to take the statutory (formal) route because it offers legal protection under the Leasehold Reform, Housing and Urban Development Act 1993.

The local authority, Redbridge Council, provides little online advice about their preference for extending your lease. However, their ‘Leaseholder information and services’ webpage directs people to the Government’s ‘Residential Leaseholders Guide to Rights and Responsibilities Booklet’, which appears to champion the statutory route.

The Lease Extension Company has accomplished many statutory lease extensions in and around London, as shown in our case studies. We will provide you with a skilled surveyor and experienced legal guidance to help you achieve similar success.

The Lease Extension Process

At The Lease Extension Company, we can help you to achieve a statutory lease extension. To understand what this process entails, see the overview below.

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

Please view our detailed ‘How Long Will My Lease Take?’ article for more information about each step.

Serving the Section 42 Tenant’s Notice

Before your Section 42 notice is drafted one of our firms of expert 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 to 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 accurately drafted and validated to ensure your lease extension is deemed valid.

At The Lease Extension Company, we work with specialist legal firms in this very 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.

You can find more information about freeholders in the Redbridge area below.

Key Freeholders in Redbridge

Redbridge Council are one of the main freeholders in the area. If you own an ex-council property, they will likely be your competent landlord.

Much of the housing stock in this region is also managed by Registered Providers (RPs) who work closely with Redbridge Council to develop affordable and shared ownership housing. Providers include organisations such as A2Dominion, L&Q Group and Metropolitan Thames Valley.

The list of housing providers operating in Redbridge is detailed on the council’s ‘Housing Associations and Registered Providers’ webpage. Please note that shared ownership leaseholders will only qualify for the statutory right to extend their lease if they have ‘staircased’ up to 100% ownership.

Other freeholders you have the option of contacting are E&M Limited and E&J Estates.

Finding your Freeholder

To find the contact details of your freeholder, consult your original lease document. If you can’t locate your lease, you can request a copy from the HM Land Registry for a small fee. The Lease Extension Company is also happy to arrange this for clients on their behalf.

How Much Will Your Lease Extension Cost?

Before commencing a lease extension, it’s only natural to want to know the 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 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.

To learn more about potential costs, use our Lease Extension Calculator to estimate your premium.

All About Our Fixed Fee Service

At The Lease Extension Company, we take a simple, straightforward approach to this problematic area of property law.

We will develop a detailed plan covering all stages, legal requirements, and expected costs. We will also combine all prices into one simple fixed fee so you know what to expect from the get-go.

You’ll also receive the support of an experienced surveyor and solicitor to ensure you’re not paying a penny more for your lease extension (premium) than necessary.

Begin Your Lease Extension in Redbridge.

Are you eager to extend your lease? The Lease Extension Company would love to hear from you and discuss your options.

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