Rampok CPM Nine

A lease extension contract is a formal agreement and as such it is of great importance that you talk to your solicitor about the whole process as well as the paperwork.  The whole method in which extending a lease is dictated by the Leasehold Reform Housing and Urban Development Act 1993. This can from time to time mean that the negotiations which are entered into between yourself and the landlord are lengthy and complex. In cases such as these the Leasehold Valuation Tribunal may need to get involved. It is extremely important that you as the leaseholder know your rights and what exactly is set out in the terms of the lease.

A leaseholder generally holds a property on lease which will run from 99, 125 or 999 years until it eventually runs out. A leaseholder is also sometimes called a tenant but this must not be confused with short term tenancy which is completely different.  You need to have the paperwork checked over to see which extras, deposits and even penalty fees are involved in the lease agreement. Take for instance the scenario that the property becomes wilfully damaged. You as the leaseholder will be liable to pay to correct this damage in the terms of the lease generally. This is straightforward and you need to check that everything else in the lease is above board too. You must speak to your solicitor who will able to guide you and give you lots of help and advice on any problems which may arise.

Extending a lease is an excellent idea for people who enjoy the property which they currently lease and who like the area they are living in. It is a great way of securing your future without having to physically purchase a house or flat. Many people nowadays don't want to own property and prefer living from month to month with less responsibility hanging over them. Lease holding is a fabulous idea for them. It must also be noted that the individual wishing to extend the lease may well have already spent a substantial amount of money and time on getting the property "just so" and as such may mot wish to leave.

All lease extensions have to be negotiated and this is where your solicitor comes in. They will loo over the paperwork, iron out anything you don't understand and will also negotiate on your behalf if need be. Always remember never to sign any contracts or paperwork of this magnitude without consulting with a lawyer.