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Renewing/extending a property lease. Any advice or pitfalls?

(5 Posts)
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Nonogran Wed 14-Oct-20 19:28:18

I'm preparing to extend a lease with a local authority landlord. The current lease still has a good term to run but extending the lease will add value to the flat & make it easier for prospective buyers to get a mortgage should we sell the flat.
Can anyone offer me words of wisdom about their experiences of the process please? I'm currently looking for a solicitor to expedite matters but for example, is it a simple paper process or do searches etc need to be done? We bought the flat 3 years ago & it is, with landlords full permission, sub-let to a lovely tenant.

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Davidhs Wed 14-Oct-20 19:42:29

At least with a LA landlord you should get fair terms, probably the CAB would be a better starting point for advice

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Fennel Wed 14-Oct-20 20:38:58

Husband had an experience of extending a lease, but on a shop property. At the time the shop was in a very busy area and was doing well.
But as often in business, things changed and he was left with a millstone around his neck. Insurances, mortgage etc still to pay.
It's always a bit of a gamble. I don't remember him having to have searches done.

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Fennel Thu 15-Oct-20 11:56:23

ps if if possible take on a short extension - that was where we went wrong.

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Charleygirl5 Thu 15-Oct-20 12:03:50

A friend of mine had to do that with a London flat she wanted to sell because she was moving to the other end of the country.

It cost her over £20,000 and took around 6 months. Yours in theory should not cost so much or take so long because of who your landlord is. In theory, I would think you will have to seek their permission.

Good luck.

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