Richmond upon Thames Lease Extensions

Living in Richmond upon Thames:

Richmond upon Thames is a picturesque borough of London whose beauty became the subject matter for many artistic and literary figures in the 18th and 19th centuries.

This cultural area has plenty of green spaces, including Richmond Park, which was once the favoured hunting grounds of Henry VIII. Nowadays, this suburban borough still has an abundance of attractive properties, from terraced houses to sleek bankside apartments.

If you own a flat or maisonette in this area, there’s a chance you may require a lease extension for your property. To help you proceed, The Lease Extension Company has gathered vital information about lease extensions in Richmond upon Thames.

• Population: The population of Richmond upon Thames hit 195,300 in the ONS’s latest census (2021), equating to around 24.3 people per football pitch-sized piece of land!
• Average House Price: The vast majority of sales in Richmond Upon Thames over the past year were flats, marketing at an average price of £485,477 (Rightmove).
• Districts in Richmond upon Thames: Barnes, Castelnau, East Sheen, East Twickenham, Fulwell, Ham, Hampton, Hampton Hill, Hampton Wick, Kew, Mortlake, North Sheen, Petersham, Richmond, St Margarets, Strawberry Hill, Teddington, Twickenham, Whitton.
• Local Authority: The local authority of the London Borough of Richmond upon Thames is Richmond Council.

Lease Extension Regulations in Richmond upon Thames

Leaseholders in Richmond upon Thames have a legal right to extend their lease by 90 years. You can extend the lease by taking either the statutory (formal) or voluntary (informal) route.

If you’ve owned your property for at least two years, we advocate the statutory route because it provides legal protection under the Leasehold Reform, Housing and Urban Development Act 1993.

The local authority, Richmond Council, does not own any housing stock. Instead, properties in the area are owned and managed by registered housing providers. Check with your provider to find the method they prefer leaseholders to take.

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

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

The Lease Extension Process

View this simple overview to better understand 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

To learn more, look into our detailed ‘How Long Will My Lease Take?’ article for further information about each stage.

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 to your freeholder.

Identifying Your Competent Landlord

Our specialist solicitors will also determine 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’s imperative that it’s 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 property 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.

To locate your competent landlord in Richmond upon Thames, please see below.

Key Freeholders in Richmond upon Thames

Richmond Council does not own any housing stock in the area; instead, homes are managed by selected housing providers.

Registered providers share the Richmond Housing Register and have been approved by the government’s Homes and Communities Agency. The entire list of registered housing providers is available on the Richmond Council’s ‘Housing Associations’ webpage.

The RHP Group also manage numerous leasehold and shared ownership properties in Richmond upon Thames, so there’s a chance they may act as your competent landlord.

Other freeholders you have the option of contacting are E&M Limited and Solitaire Holdings and Management..

Finding your Freeholder

Consult your original lease document to find the contact details of your freeholder. If you can’t locate your lease, you can request a copy from the HM Land Registry for a small fee. As a client of The Lease Extension Company, we can arrange this for you on your behalf.

How Much Will Your Lease Extension Cost?

Your lease extension premium is calculated 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.

The 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.

If you’re curious about your costs, use our handy Lease Extension Calculator to estimate your premium.

Introducing Our Fixed Fee Service

The Lease Extension Company aims to rewrite the typical lease extension process and take a straightforward approach to this tricky area of property law.

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

You’ll also receive the professional guidance 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 Richmond upon Thames.

To preserve and potentially improve the value of your property, please contact The Lease Extension Company to discuss your options.

Get a quote or arrange a free consultation by completing our convenient online form, calling us on 0800 098 2770 or emailing [email protected].