Lease Extension Calculator
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Check how much does lease extension cost
Please bear in mind that this lease extension calculator is just for indication purposes and should not be relied on for serving Section 42 or Section 45 notices under Leasehold Reform, Housing and Urban Development Act 1993.
When you insert the requested variables this leasehold extension calculator will return the premium range in form of low, average and high values.
This calculator does not take into account any rising ground rents and therefore if you have doubling or rising ground rents you should take an average of all increases and add it in the calculator to get the most accurate premium calculation.
When you put in the years remaining on your lease, the calculator will automatically calculate any marriage interest if it is applicable based on the location you selected and the long lease value of the property.
The location of the property is important and if your property is located in any of the following areas you will need to select the prime central London tab.
Belgravia, Chelsea, Fitzrovia, Holland Park, Kensington, Knightsbridge, Marylebone, Mayfair, Maida Vale, Notting Hill, Pimlico, Regents Park, St John’s Wood.
Lease extension calculator accuracy
Lease extension premium is usually provided in the form of a range. The lease extension valuation is not an exact science and is subject to chartered surveyors interpretations.
The lease extension premium interpretations of unassociated 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
If you are looking to obtain more accurate lease extension valuation Erikas Grig Chartered Surveyors can 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.
We have longstanding experience in lease extension valuation matters and can help you save thousands of pounds when negotiating with the landlord’s surveyor or vice versa.