Lease Extension

1. There is a defined process for bringing the matter to a conclusion via the strict timetable as set out in the legislation.
2. The valuation date is fixed at the date when the notice is served.
3. If you are unable to agree terms, you have recourse to an independent arbitration process and have the option of taking the matter to a tribunal, whose decisions are binding.

1. Typically, professional fees (e.g. for legal and survey advice) for this process are lower.
2. The process may provide you with a faster resolution.
3. You have the option of obtaining terms that allow for increased ground rent in return for a lower premium.

If you have applied for terms to extend your lease and you agree to the terms on offer, the fees payable at conveyancing stage are made up of:

• Landlord offer price fee = £50*
• Landlord’s solicitor (third party) legal fees (conveyancing) = £650 plus VAT (£780 total)
• HomeGround administration fee (instructing solicitors, preparing documents for signature, updating records) = £250.00
• Disbursements = normally minimal and typically in the region of £20.
• Land Registry fee (where applicable) = £40 plus VAT

*Please note that the landlord offer price fee of £50 will be refunded on completion of your lease extension.