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ISSUE 3

FINANCING A LEASE EXTENSION

LEASE EXTENSION VALUATIONS

A FIVE STAR SERVICE

HOW LONG IS LEFT ON YOUR LEASE? EXTEND YOUR LEASE AND INCREASE THE VALUE OF YOUR PROPERTY.

STARTLEASEEXTENSIONS.CO.UK

STATUTORY AND NON-STATUTORY LEASE EXTENSIONS


WELCOME TO THE THIRD EDITION OF THE START LEASE EXTENSIONS NEWSLETTER. LET US HELP PROTECT THE VALUE OF YOUR PROPERTY AND EXTEND YOUR LEASE. OUR ADVICE IS FREE OF CHARGE AND WITHOUT OBLIGATION. The last six months have seen a significant increase in the amount of calls we've received from concerned leaseholders. More and more people are choosing to protect their current investment by

negotiating a lease extension or renewing their lease altogether. For more information visit:

startleaseextensions.co.uk

MEET THE TEAM

SILVANA GODDARD

NICK KAY

Lease Specialist

Lease Specialist

Silvana has been part of SLE since its inception in 2017. With over 25 years of financial service and business development experience, she thrives in helping her clients increase the value of their homes, leaving them to get on with their day-to-day lives. One simple phone call to Silvana and we will take care of the whole process through our fixed price service.

After 21 years working in The City for a variety of Merchant Banks and Money Market Brokers, Nick joined The Acorn Group in April 2009 and spent 9 years working in residential sales before joining SLE in 2018. Nick had seen first hand the frustration both vendors and purchasers face when dealing with short leases in the sales process.

Call today for free, no obligation advice and ask about our simple, fixed fee package.

ORLA O’REILLY Lease Specialist Orla joined The Acorn Group in 2016 where she controlled the Head Office reception team. Her impeccably high standard in customer service and ability to communicate well on all levels ensures she is a perfect fit for the SLE team. Orla is able to translate the 'legal jargon' and give clear advice to ensure you're always able to make informed decisions.

020 8315 6901 enquiries@startleaseextensions.co.uk


FINANCING A LEASE EXTENSION For many of our clients, financing a lease extension or the purchase of a freehold is often seen as a hurdle. We are fortunate to be in a position to help, as working alongside us within The Acorn Group, is Start Financial Services. Established in 1998, Start Financial Services provides a bespoke range of financial solutions for a variety of individuals and businesses. Their experienced and knowledgeable team are on hand to offer advice on the best way to raise the funds needed to extend your lease, whether it's: • • • •

Grant Nichols

Director Start Financial Services

Call 020 8315 6960 or visit startmortgages.co.uk

Remortgaging A further advance from an existing lender A second charge A personal loan

LEASE EXTENSION VALUATIONS Start Lease Extensions (SLE) have the benefit of a direct relationship with the multi-award-winning surveying practice, MAP. Formed in 1983, MAP's Directors, Graham Stephenson and Garrett O'Hanlon, made the decision to become part of The Acorn Group in 2004, ensuring our clients can access an array of surveying and valuation services. For SLE to be able to offer an allencompassing service, it is very important that we work with surveyors we can rely on. MAP's team have over three decades of experience so we are confident they are the best choice for us, and you.

Once you instruct Start Lease Extensions we will control the whole process for you. MAP will be booked in to undertake a lease extension valuation by one of our team. In straightforward cases, the survey is reviewed and agreed by the leaseholder and it then moves to the legal transaction, however; if the figure is not accepted by the freeholder, then MAP and SLE will commence negotiations on your behalf. For more information on MAP, please visit mapsurveyors.co.uk to see what they can do for you.

Garrett O’Hanlon MAP Director

Graham Stephenson MAP Director

020 8300 1144

mapsurveyors.co.uk

Part of The Acorn Group, incorporating:


A FIVE STAR SERVICE Undertaking a lease extension is a very steep learning curve. Wish that I had found Start at the... START!

Sharon Cather

 Extending a lease can be a complex business. I have no hesitation in recommending Start Lease Extensions.

Hugh Davidson

 As a result of using Start Lease Extensions, I feel I was able to get the best financial outcome.

Gary Mordey

 Totally helpful, always accessible, and kept me constantly updated. I can heartily recommend Start Lease Extensions.

David Waxler

 The service provided was second to none. Start took away all the stress related to the process and everything went smoothly.

Joy AY

 Reviews from


FREQUENTLY ASKED QUESTIONS WE ARE COMMITTED TO SIMPLIFYING THE LEASE EXTENSION PROCESS FOR YOU. BELOW ARE SOME OF OUR FAQs. HOW LONG HAS SLE BEEN TRADING? We launched SLE in March 2017 as we realised so many of our clients were in need of simple, clear advice. We would have previously referred clients to a solicitor which then thrust them into the world of legal jargon. We can now guide our clients through the process from START to finish. DO I QUALIFY FOR A LEASE EXTENSION? There are a number of qualifying criteria, but the main one is that you must have been the registered owner of the residential long lease for at least two years.

WHY SHOULD I OPT FOR A STATUTORY EXTENSION? A 90-year extension to the current balance of your lease will reduce your ground rent to a peppercorn. i.e. you will pay no more ground rent. It will also enhance the value and saleability of your home! HOW LONG DOES THE PROCESS TAKE? This process can be completed in 6 months, but occasionally, with more involved cases, it could take up to 18 months. This depends on your situation – a realistic timescale will be discussed with you.

JARGON BUSTER COLLECTIVE ENFRANCHISEMENT The right of a group of 50% or more of leaseholders in a particular block of flats to buy the freehold of the building from their landlord. COUNTER-NOTICE The landlord's response to the initial Notice of Claim served by the

leaseholder in a lease extension, or the participating leaseholders in a collective enfranchisement. DEED OF ASSIGNMENT Allows the current leaseholder to transfer the right over to a new leaseholder to carry on with the lease extension and not have to wait for two years of ownership.


ONLY 69 YEARS REMAINING... Ms O'Hagan recently completed on her lease extension through SLE. With only 69 years on her lease, she undertook considerable research into the process and then decided to speak to Start Lease Extensions to see if they could help. Ms O'Hagan commented that "Silvana explained the entire process and made sure she was always available to answer any questions I had." When asked about how she found the process, her only comment was that she wished her freeholder's solicitor worked as quickly as Start, but as she had the fixed fee, she wasn't worried about being charged more for their time. Her only regret was that she didn't do it sooner!

ABSENT FREEHOLDER NIGHTMARE! Mr Finette was concerned as he only had 84 years left on his lease. Unfortunately, with an absentee freeholder he had been banging his head against a brick wall trying to negotiate a new lease. "Though not a straightforward process, Start Lease Extensions saved me time and stress. I now have a new lease and as a result, a more valuable home." Photographs used for indicative purposes only


WHAT IS THE DIFFERENCE BETWEEN A STATUTORY AND A NON-STATUTORY LEASE EXTENSION? ESSENTIALLY THERE ARE 2 POTENTIAL ROUTES TO AGREEING A LEASE EXTENSION WITH EACH HAVING POTENTIAL ADVANTAGES AND DISADVANTAGES.

STATUTORY

A legally bound agreement

NON-STATUTORY

A private agreement between the leaseholder and freeholder

The process is initiated by the leaseholder serving a notice on the landlord of their desire to purchase a statutory lease extension

Negotiations can be commenced by either party

One is legally entitled to extend the lease once they have owned the property for 2 years

This route is often considered by someone who has owned the property for less than 2 years

The lease is extended by an additional 90 years Any ground rent payable is reduced to a peppercorn rate (zero) The process has clearly defined time limits in which both parties must act Due to the set timelines the process can take approximately 6 months This ‘right’ to extend can be transferred to the purchaser or to one who has inherited the property The statutory route guarantees a lease extension

The number of additional lease years can be negotiable and as such could be more or less than 90 years

The ground rent payable is also negotiable and may increase

If the revised terms are agreed quickly and amicably, this can be a faster process and take approximately 3 months

There is no legal route to force the landlord to negotiate reasonably, and no agreement can be forced on the freeholder


HOW LONG IS LEFT ON YOUR LEASE? Extend your lease and increase the value of your property! Call today for free advice and ask about our simple, fixed fee package. We strive to make the process of extending the lease on your property as easy and stress-free as possible. We deal with every element of the lease extension process, from liaising with your freeholder to instructing a surveyor and a lawyer. For more information, contact your local lease extension experts on:

020 8315 6901 | enquiries@startleaseextensions.co.uk

Lease Extensions

startleaseextensions.co.uk

Start Lease Extensions provides a simple, fixed fee package for leaseholders looking to extend the lease on their residential property.

IN ASSOCIATION WITH:

COVERED BY:

Profile for The Acorn Group

Start Lease Extensions Issue 3  

Why you should extend your lease? The longer you wait to extend your lease, the more you will have to pay the freeholder! Extend your lea...

Start Lease Extensions Issue 3  

Why you should extend your lease? The longer you wait to extend your lease, the more you will have to pay the freeholder! Extend your lea...