Wandsworth Lease Extensions

Living in Wandsworth:

The London Borough of Wandsworth is one of the largest in inner London, covering more than 3,200 acres, offering a balance of urban living and idyllic escapism.

The area features many tree-lined streets, lush parks and popular riverside walks. Alongside peaceful scenery, regeneration projects are underway to breathe new life into industrial landmarks. A great example is Battersea Power Station, a former working power station converted into a retail and entertainment hub, offices and contemporary apartments.

If you own a flat or maisonette in this area of London, you may require a lease extension for your property. This article will detail all you need to know about Wandsworth lease extensions.

• Population: The population of Wandsworth was 327,500 at the last census in 2021. It was among the top 4% of the most densely populated English local authority areas (Office for National Statistics).
• Average House Price: Most sales in Wandsworth last year were flats, selling for an average price of £565,599 (Rightmove).
• Areas in Wandsworth: Balham, Battersea, Earlsfield, Furzedown, Nine Elms, Putney, Putney Heath, Putney Vale, Roehampton, Southfields, Streatham Park, Summerstown, Tooting, Tooting Bec, Wandsworth, West Hill.
• Local Authority: The local authority in Wandsworth is Wandsworth Council.

Lease Extension Regulations in Wandsworth

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

We urge clients who have owned their property for at least two years to opt for the statutory (formal) route because it offers significant legal protection under the Leasehold Reform Housing and Urban Development Act 1993.

Wandsworth Council will only consider lease extension applications under statutory provisions, which begin by serving a Section 42 notice. This information is available on the council’s ‘Renewing your Council Lease’ webpage and their ‘Information for Leaseholders’ document. The council also offers a handy ‘Section 42 Notice Template’; however, you should consult independent legal advice to assist you with this document.

At the LEC, we will pair you with specialist surveyors and solicitors to fill out and serve all necessary notices. We will negotiate your property’s cheapest premium with the fairest lease terms. To see the results we’ve achieved for our past clients, look at our excellent record of case studies.

The Lease Extension Process

See below for a simple 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

Read our ‘How Long Will My Lease Take?’ article for further details on 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 lease extension and determine 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 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. Learn more about freeholders in Wandsworth from the information below.

Key Freeholders in Wandsworth:

One of the most prominent freeholders in Wandsworth is the Wandsworth Council. Approximately 33,000 households (roughly a third of the borough) live in a council-managed property as tenants or leaseholders. Due to the council’s significant presence in the area, they will most likely be your competent landlord.

Alternatively, many leasehold properties are managed by housing associations such as A2dominion, Peabody and L&Q Group. All providers are listed on the ‘Housing Association Tenants’ page of Wandsworth Council’s website. There is a chance one of these organisations could also be your competent landlord.

Find Your Freeholder:

Your original leasehold agreement contains the details of your freeholder. If you do not have a copy of your lease, you can request a duplicate from the HM Land Registry or ‘Request a Copy of Your Council Lease’ for a small fee.

As a client of The Lease Extension Company, we can arrange this on your behalf at the beginning of the process.

How Much Will Your Lease Extension Cost?

It’s only natural to want to know how much your lease extension will cost before you commit to the procedure. However, the cost will vary from property to property 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.

To gauge your costs, we have developed a useful Lease Extension Calculator tool to estimate your premium.

The LEC’s Simple Fixed Fee Service

At The Lease Extension Company, we take a fuss-free approach to this complicated area of property law.

We will develop a detailed plan covering all stages, legal requirements and your expected costs. All expenses are incorporated into one 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 who will guide you through the process, ensuring you do not pay more than necessary for your premium.

Begin Your Wandsworth Lease Extension.

Receive a quote or arrange a free consultation with The Lease Extension Company by completing our convenient online form, calling us on 0800 098 2770 or emailing [email protected].