Terms of business when exercising statutory right to increase the years remaining on a lease
Our fees cover all of the work for you required to increase the years remaining on your lease.Stages in the process when you exercise your legal right to a new lease under the Leasehold Reform Act 1993
Conveyancer’s fees and disbursements for exercising legal right to a new lease under the Leasehold Reform Act 1993
- Take your instructions and give you initial advice
- Enter a notice on the freehold title register at H M Land Registry to protect your right to extend your lease.
- Determining your right to qualify for a new lease.
- Preparing notice to freeholder for a new extended lease to include checking your lease and providing evidence of title in accordance with the regulations.
- Prepare deed of assignment where you are buying a short lease and the seller is transferring their right to extend the lease you.
- Service of notice on the freeholder.
- Respond to freeholder’s request to substantiate claim.
- Respond to service of freeholder’s counter notice.
- Deal with the freeholder and/or their solicitor.
- Legal fee £990 plus vat
- Land Registry fee £100 (estimated)
- Estimated total £1,288.00Stages in the process for the conveyancing work to complete a new lease
Conveyancer’s fees and disbursements for the conveyancing work to complete the new lease
- Approve the new lease prepared by the freeholder’s solicitor and report to you on its terms.
- Complete the execution of the new lease by arranging for the payment of the premium and collection and exchange of documents.
- Register transaction at the Land Registry who will open new title on submission of deed of variation.
- Complete transaction by reporting to you and returning deeds to your lender where applicable.
- Where there is a loan secured on the leasehold by your lender, procure their consent to the lease so that a new title for the extended lease can be opened on the register by the Land Registry.
Legal fee £1500 plus vat
Land Registry fee £100 (estimated)
Estimated total £1,900.00Should our quote require amending for the reason given above, we will inform you straightaway, explain the circumstances, and agree a revised fee before we carry out the additional work.Our legal fee assumes that (a) this is a standard transaction of a title registered at HM Land Registry (b) no unforeseen matters arise including for example (but not limited to) a defect in title which requires remedying prior to completion (c) completion or the preparation of additional documents ancillary to the main transaction if not needed (d) the transaction is concluded in a timely manner (e) all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation (f) no indemnity policies are required (g) there is no more than one transaction (h) there is no need to apply to the Lease Valuation Tribunal (i) this is the assignment of an existing lease and is not the grant of a new lease (j) the transaction involves only registered land (k) all parties to the transaction are UK based.
You will be charged a fee if a matter is aborted based on the amount of time spent up the date the work is stopped. Additional disbursements may apply if indemnity policies are required. Should the transaction become more difficult than average, we will inform you straightaway, explain the circumstances requiring a revised quote, and agree the revised fee before we proceed to carry out the additional work.
Disbursements are costs related to your matter that are payable to third parties, such as Land Registry fees. You will pay the disbursements are paid in addition to our fees. We handle the payment of the disbursements on your behalf to ensure a smoother process.Stamp Duty or Land Tax
This depends on the purchase price of your property. You can calculate the amount you will need to pay by using HMRC's website or if the property is located in Wales by using the Welsh Revenue Authority's website here.How long will my transaction take?
How long the transaction will take will depend on a number of factors. For example, it will take longer to complete the new lease where the premium is disputed. The average process takes between 3-12 months.
Who will carry out the work?
Our team has over 20 years of collective experience in delivering high quality work in all matters relating to conveyancing. We have two members of the team who may work on your matter. They are Ms Davinder Salhan, Consultant Solicitor and a Conveyancing Assistant.Anti-Money Laundering
We adhere to Anti-Money Laundering procedures which will require us to take up-to-date proof of identity and proof of address for any payments made from you, or a third party on your behalf, to the Firm. This purpose of this policy is to protect you and your money.Cyber Crime and Financial Management
We will agree with you at the outset (in person or by telephone) how banking details will be handled, including whether any changes are planned. We will hand our bank details to you in person or send them to you by post. Before accepting new banking details from you or others, we will ask for confirmation face-to-face or by letter sent through the post. This information will never be requested by us by email. If bank details are received by this Firm by email, or in a pdf attachment to an email, they will be verified by independent means before being relied upon. This purpose of this policy is to protect you and your money.Storage of papers and deeds
We will keep our file of papers (except for any of your papers which you ask to be returned to you) for no more than six years and on the understanding that we have your authority to destroy the file six years after sending you our final bill. We will not destroy documents you ask us to deposit in safe custody.Termination
You may terminate your instructions to us at any time. For example, you may decide you cannot give us clear or proper instructions on how to proceed, or may lose confidence in our work. We are entitled to keep all your papers and documents while money is owing to us.
We will decide to stop acting for you only with good reason and on giving you reasonable notice. If you or we decide that we will stop acting for you, you will pay our charges on an hourly basis and expenses as set out earlier.Raising queries or concerns with us
We are confident that we will give you a high quality of service in all respects. However, if you have any queries or concerns about our work for you, please take them up first with the person handling your case. If that does not resolve the problem to your satisfaction or you would prefer not to speak to the person handling their case or their supervisor, then please take it up with the firm’s Complaints Manager.
If you remain dissatisfied at the end of the review by the Complaints Manager you can refer the matter to the Legal Ombudsman, P O Box 6806, Wolverhampton, WV1 9WJ. Tel: 0300 555 033. Email: firstname.lastname@example.org.If we enter into a contract with you and/or you become a client of our firm by electronic means (such as by e-mail or online) then, in addition to any rights redress you may have through the Legal Ombudsman, you may be entitled to use an EU online dispute resolution platform to assist with any complaint or dispute you may have about our services/ This online platform can be found at http://ec.europa.eu/odr . We do have an email address you may contact in this regard and that is email@example.com