If you want to extend your lease with the landowner of the property your business leases, a solicitor is recommended, they’ll be able to manage the legal documentation and agree on heads of terms on your behalf.
Here is some important guidance to aid in your choice of a legal professional.
The party leasing the property typically starts the lease extension procedure. If you are a tenant wanting to extend your lease, you will need a solicitor to manage proceedings in combination with the landowner’s legal representative.
A landlord may get a request to extend the tenant’s lease at any time during the leasehold term. The maximum extension that can be applied for by the tenant is 50 years on a house and 90 years on a flat. There is no minimum leasehold extension period, as long as the landlord and tenant agree, the lease extension can be any number of years as long as it doesn’t exceed the maximum amount.
Once a solicitor is assigned they will liaise with both parties to ensure that the extension of the lease is completed quickly and efficiently. They will offer terms to the landowner and tenant both, as well as drafting and altering documentation.
It is worth considering several factors when choosing a legal expert to handle the extension of a lease. You may want to consider the reputation and cost of a firm before making your decision.
How Will A Solicitor Charge Me?
An extension of a lease is a straightforward procedure. Solicitors may charge you on a fixed fee, or fixed hourly basis, depending on the complexity of your matter and whether there is a need for negotiation.