Lease extension calculator accuracy
Lease extension premium is usually provided in form of a range. The lease extension valuation is not an exact science and is subject to is subject to chartered surveyors interpretations.
The lease exntesion premium interpretations of unasocciated chartered surveyors can differ greatly and this is due to different variables adopted in the valuation.
Although we do our best to update the calculator to reflect changes in the market and case law which has a heavy bearing on lease extension valuation. We cannot fully guarantee the accuracy of this lease extension calculator. The actual premium agreed for your lease extension might be outside the range quoted by this lease extension calculator.
For accurate assessment of the lease extension premium, we always recommend seeking advice from a specialist lease extension surveyor. We do not recommend using this calculator to serve Section 42 or Section 45 notices. This lease extension calculator should be used as an indication for budgeting purposes only.
How long does it take to extend the lease
It really depends on whether you are approaching the lease extension on an informal or statutory basis.
Informal lease extension can be agreed between leaseholder and landlord within a matter of days but can also take months. There is no way to guarantee the exact timeline. If informal lease extension likely to take months to agree it is better to proceed on a statutory basis which ensures that you are getting a fair deal. Informal lease extensions are not subject to statutory processes and landlord can offer an unfair premium or unfavourable lease terms.
Also, when you proceed on informal basis landlord will request you to pay his valuation fees. If for some reason you cannot reach the agreement on informally. You will need to prepare for statutory lease extension where you will once again incurr landlord’s lease extension valuation fees.
A statutory process on average takes 8 months from start to finish but can be prolonged if lease extension becomes contentious due to parties not agreeing on valuation variables. If you require more information you can read more about the technical side of the lease extension process in our blog post.
How can lease extension surveyor help you
It is always recommended to instruct a chartered surveyor to prepare a specialist lease extension valuation report which will help you understand potential pitfalls and provide you with lease extension premium for the purpose of serving a statutory Section 42 notice or Section 45 counter-notice.
An experienced surveyor well nuanced in lease extension valuation matters can help you save thousands of pounds when negotiating with the landlord’s surveyor.
