Lease extension – House:
You are responsible for the landlord’s reasonable legal and valuation costs once the notice has been served. A premium will not be charged for the new lease, but it will contain a ground rent (rent paid under the terms of the lease).
Lease extension – Flat:
The cost of a lease extension is open to negotiation to a certain extent (depending on your Landlord). Usually, a premium will be paid for the new lease, and you will be responsible to pay the landlord’s reasonable legal and valuation costs, along with your own costs. There are many online calculators that will be able to provide you an approximate guide as to how much the premium should be. The premium payable depends on factors such as how many years are left on your lease and the amount of ground rent payable.
If yourself and the landlord cannot agree, then the First-tier Tribunal can determine the amount. It is always advisable to instruct representation on your behalf.
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