Friday, September 30, 2011

Importance Of Extension Solicitors

Importance Of Extension Solicitors Extending the period of a lease may be fraught with difficulties so it is advisable to use specialist lease extension solicitors.
Lease extension is a much specialised subject so it is always best to use a solicitor who is both trained and well experienced in this field. Not only will the specialist be able to give the client the best possible assistance, but will also have the necessary negotiating skills when dealing with potentially difficult freeholders.
It's worth bearing in mind that most solicitors rarely, if ever, come across extended lease cases - so it's really the specialists you need to plump for.
Should someone manage to extend their lease they will succeed in increasing the value of the leasehold. Properties with only short leases usually see their value reduced. And properties with a lease of less than 90 years are often very difficult to sell. That is one of the main reasons why people choose to apply for an extended lease and require the services of a lease extension solicitor.
An extended lease will lead to a lot of discussion and negotiation - such as the terms and the cost of extension - and this is where the services of a solicitor who specialises in lease extension will be more than useful.
People are entitled to increase the period of the lease if it has been held for a minimum of two years and if it a "long lease" for a minimum period of 21 years. However, securing a lease extension can take several months as discussions drag on. A skilled and experienced solicitor will be able to ensure that such discussions are conducted efficiently and that delays are minimised.
A solicitor is a specialist in extending leases will be up-to-date with the law on such matters. He or she will be aware of the workings of the 1993 Leasehold Reform Act which gives tenants the right to increase leases for up to 90 years. The solicitor also has an up-to-date knowledge of the concept of "collective enfranchisement" where leaseholders can collectively buy the freehold for their block of flats, and "freehold enfranchisement" governing the purchase of the freehold of a leasehold house.
When negotiating lease extension, freehold or collective enfranchisement the lease extension solicitors will also be able to put clients in touch with surveyors to complete the valuation.
Some lease extension solicitors can be contacted online- in fact if you live outside major cities, such as London, or other extended lease hotspots such as Brighton, you may find that that is the only way you're going to be able to appoint a specialist. Following an initial free phone call, they can deal with the client via telephone or email, thereby avoiding time consuming trips to their offices. And what is more the cost of using these experienced lawyers is often no more than using others within the legal profession without such specialist expertise.

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