Lease extensions – voluntary
Leases are what is known as a “diminishing asset”. This is because when you buy a lease it has a set number of years left to run and as time goes by this decreases. Once a lease has less than 80 years left to run it will cause difficulties when you come to re-mortgage the property, sell the property, and can dramatically increase the cost of a lease extension.
Most mortgage lenders will not lend against property where the lease has less than a certain number of years remaining (70-85 being the most common cutoff points).
We can act either for leaseholders seeking an extension, or for landlords whose tenants have contacted them regarding extending their lease.
A voluntary lease extension involves you approaching the landlord or their agent and asking for the terms that they’d be willing to proceed on.
This allows for variations of any term of the lease that is required and can include changes to the “demise” (the layout of the property), such as including the loft space on a top floor flat.
The length of the extension can also be negotiated, compared to the statutory route, which dictates very specific terms.
Most professional landlords will obtain a valuation (at your expense) to work out the premium payable. It’s always advisable to get your own valuation for comparison, but ultimately once you have agreed a premium, and the term to be extended, the lawyers will be able to deal with the drafting of the new lease.
Proactive communication and progress updates
We know how important timely information is. Even when there’s no immediate update, we keep you informed with regular check-ins, making sure you feel supported and in control at every stage.
Seamless collaboration with surveyors and valuers
We work closely with trusted valuation experts and can facilitate introductions to ensure the agreed premium is fair and justified, helping you avoid unnecessary costs or disputes.
Single Point of Contact, Expert Advice
Your matter is handled by a single Lawyer from instruction to completion — not passed between paralegals. You’ll always know who is working on your case and have direct access to them throughout.
Transparent, Fixed-Fee Pricing
We provide a clear, agreed fixed fee from the outset with no hidden disbursements sprung at completion. You know exactly what you’re paying before you commit, making budgeting straightforward whether you’re extending one flat or an entire portfolio.
Deep community roots and trusted local insight
Our residential property team brings more than legal expertise – they bring a profound understanding of the local property market. This insight enables us to anticipate challenges and tailor solutions uniquely suited to your circumstances.
Tailored solutions for all leaseholders
Whether you’re a homeowner, buy-to-let investor, or dealing with a shared ownership lease, our advice is nuanced, ensuring the best outcome aligned with your unique position.
Speed Without Compromise
Voluntary extensions are time-sensitive; landlords can withdraw goodwill at any point. Our streamlined process and dedicated resource mean we move quickly from heads of terms to engrossment, reducing the window of exposure for our clients.
Lease Defect Identification
Before any extension is agreed, we can conduct a thorough review of the existing lease to identify defects, onerous clauses, or missing rights. A voluntary extension is a rare opportunity to correct historic drafting errors — we make sure our clients take full advantage of it.
Navigating your voluntary lease extension
Understanding your options and rights
Extending a lease voluntarily is your proactive choice to maintain control over your property’s future. Our guidance demystifies the legal framework, helping you understand eligibility, the statutory timetable, and how extending early can save costs.
From reviewing your current lease details to considering whether to extend or renegotiate, we tailor advice to your priorities, whether that’s maximising value, simplifying future sales, or protecting inheritance for your family.
Managing the legal and practical steps with confidence
We review all legal documents with meticulous care, ensuring your interests are protected in the lease extension deed. We coordinate with landlords’ legal teams and manage all communications, so you don’t have to navigate complex processes alone.
Helping you prepare financially and practically
Understanding the financial implications of a lease extension is key. We work alongside your surveyors and financial advisors to clarify all costs involved, including premiums, legal fees, and potential taxes you can plan accordingly.
Throughout, we act with empathy and transparency, recognising this can be a stressful time. Our aim is to lighten your burden and provide reassurance through consistency and expertise.
Ensuring a smooth completion and beyond
Once terms are agreed, we handle conveyancing and registration matters to finalise your extended lease promptly and correctly. We remain available after completion for any queries or future property matters, reflecting our commitment to being your trusted partner through life’s property chapters
Voluntary lease extensions FAQs
We understand you might be looking for answers, so we’ve compiled a list of frequently asked questions to help get you started.
A voluntary lease extension occurs when a leaseholder agrees with their landlord to extend their lease term before it falls below the statutory limit. It’s a proactive way to protect property value and security.
A voluntary lease extension is negotiated directly between the leaseholder and landlord on mutually agreed terms, whereas a statutory lease extension is a formal legal right under the Leasehold Reform, Housing and Urban Development Act 1993 that qualifying leaseholders can enforce through a defined process, regardless of the landlord’s willingness.
The statutory route offers more certainty, in respect of rigid time frames and fixed terms being applied, and a set formula for calculating the premium payable.
Typically, it ranges from three to six months, depending on negotiations and complexity. We keep you informed throughout and work pragmatically to meet your needs.
Costs typically include a premium payable to the landlord, legal fees, and surveyor’s fees. We provide clear estimates upfront and work to manage costs effectively.
If any terms cannot be agreed, this is where we would advise the statutory route should be used. The statutory route offers more protection. There are clear rules and set timeframes which apply to both parties.
Our team of experts
Paul Berry
Partner
Surinder Ruprai
Associate
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Your key contact
You can contact us now to book an initial consultation. Or for more information please contact Paul Berry on the details below.
Paul Berry
Partner