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What is a lease extension and how much does it cost?

Apart from a very few low value houses, whether you are extending the lease of your flat or buying the freehold of your house, the valuation principles share near identical characteristics which make up the overall premium or price you will pay.

Below is a table giving a rough guide to the premium payable for a lease extension or enfranchisement claim which shows the premium as a percentage of the end value (unimproved) of the flat or house. The table assumes that the ground rent payable is nominal, so if the annual ground rent payable is high, this will increase the premium.

Premium payable

Lease term left

Percentage of unimproved end value

5 years 82%
10 years 69%
14 years 57%
20 years 45%
30 years 34%
40 years 25%
50 years 18%
60 years 13%
70 years 8%
80 years 5%

What our clients say

“The introduction of Jeremy ensured the prompt, proactive, analytical processing of my new lease purchase. The entire process was both professional and painless with the added bonus of being cost-effective..”

JK, leaseholder in Kensington SW7October 2012

 

Guide for leaseholders

Guide for landlords