Questions & Answers LEASE EXTENSION
If I pay a £1,000 deposit to secure a 10-year lease extension, could I extend to a 35-year lease extension instead?
Yes. You would need to let us know and pay the 35-year lease cost rather than the 10-year lease cost before the deadline.
If you wish to change the lease extension term, you can do so by visiting the office and signing an amended sale agreement. The amended sale agreement will also detail the new balance and requested due date.
What happens if I decide to sell my chalet before I have completed on the lease extension?
If a deposit is paid to secure a lease extension at the current prices, and you sell the chalet before the lease extension has completed, the balance can be paid from the sales proceeds which will be added to the sale completion statement. Essentially, the incoming purchaser would pay to extend the lease and will benefit from the lease extension, so be sure to take this into account when deciding your property sale price!
Can I make regular payments towards the lease extension balance?
Unfortunately not. The lease extension offer is not a finance agreement, therefore monthly payments cannot be made to us to spread the cost. However, should you wish to pay a 2nd deposit, please speak to our park team who will be able to assist you.
What if I pay the £1,000 deposit but do not complete on the lease extension by 1st September 2028? Will I get a refund?
Unfortunately, the £1,000 deposit is not refundable if the lease extension is not completed by the agreed completion date.
Can I pay the balance before the agreed completion date and complete on the lease extension early?
Yes. Upon completion of the final balance, including the prevailing rate of solicitor charges for the given year, the lease extension can be completed at any time.
Where do I find a solicitor to help with an ID1 form?
There are many solicitors local to the park who can complete an ID1 Form. The park’s team can assist you in completing the ID1 Form and advise on the documentation you will need to take to your appointment. Please note, ID1 Forms are only valid for 3 months once they are signed off by a solicitor. Therefore, we recommend you attend an ID1 appointment with a solicitor just before the signing and completion of your lease extension with us.
Will my annual lease rent change if I complete on a lease extension?
The lease rents payable will continue to increase each year in line with RPI, as per your current lease. The lease extension will not change how your lease rents are calculated.
If I don’t complete on a lease extension or secure a lease extension at the 2024 prices, what will it cost to extend my lease in the future?
The prices for lease extensions from 2025 onwards, will be charged as follows:
PLEASE NOTE
The above prices do not include solicitors fees for the lease extension, which will also be payable and charged at the prevailing rate at the point of lease extension completion, as set by our solicitors.
An ID1 Form is also required to be completed by each named person on the lease. The cost of each ID1 Form is also payable by you, directly to an appointed solicitor at the point of lease extension completion.
