Extending your lease is one of the most important financial steps you can take as a leaseholder. A shorter lease can reduce property value and make selling or remortgaging more difficult. At TM Surveyors, our RICS Chartered Surveyors and Registered Valuers provide independent lease extension valuations that hold up in negotiations, tribunals, and lender assessments.
We guide leaseholders through the process with clear, evidence-backed reports, ensuring you understand the premium payable and every factor that influences it. Our expertise and membership of the Association of Leasehold Enfranchisement Practitioners (ALEP) give you confidence that your valuation is accurate, compliant, and defensible.
Lease Extension Services across London and the South East
We offer a full range of extension services designed to guide you through every aspect of your lease extension or enfranchisement.
What is a Lease Extension?
A lease extension is the legal process of extending the unexpired lease term on your flat or house. When a lease term becomes shorter, the property’s value decreases, and it becomes more challenging to sell or remortgage. By extending your lease, you protect its market value and make it more attractive to buyers and lenders.
In most cases, leaseholders have a legal right to extend under the Leasehold Reform Act. The process requires a professional lease extension valuation to calculate the premium payable. At TM Surveyors, we provide independent, RICS-regulated advice so you understand the cost, the impact on value, and the steps involved in securing a longer lease.
Why Should You Extend Your Lease?
Extending your lease protects both the value and marketability of your property. As the lease term gets shorter, the property becomes harder to sell, lenders may refuse mortgages, and the premium payable to extend it rises sharply.
By securing a lease extension early, you avoid higher future costs, reduce the risk of falling below critical thresholds (such as 80 years), and maintain the attractiveness of your property to buyers. A longer lease also gives you peace of mind, knowing your investment is secure and easier to manage in the future.
Who is Eligible for a Lease Extension?
Under the Leasehold Reform, Housing and Urban Development Act 1993, most flat owners have a legal right to extend their lease. To qualify, you must:
■ You must be a qualifying tenant.
■ Hold a long lease (granted initially for more than 21 years).
If eligible, you gain the right to extend your lease by 90 years on top of the existing term, with ground rent reduced to a peppercorn (effectively zero). Even if you don’t qualify under the statutory route, it is sometimes possible to agree an informal extension with the freeholder.
At TM Surveyors, we confirm eligibility, prepare the valuation, and guide you through the process to ensure your rights are fully protected.
How Much Does a Lease Extension Cost?
The cost of a lease extension is influenced by several key factors, including:
■ The property’s current market value
■ The unexpired lease term
■ The level of ground rent
■ Any improvements made to the property
■ The property’s potential development value
Because each case is unique, only a professional lease extension valuation can provide an accurate estimate of the value. At TM Surveyors, we provide clear, evidence-based reports that break down the calculation, explain the methodology, and outline the likely premium payable. This ensures you know exactly what to expect and can budget with confidence.
Additional Costs to Consider
Beyond the premium payable for extending your lease, there are other costs to factor in, including:
■ Your own legal and valuation fees
■ The freeholder’s legal and valuation fees
■ Possible Stamp Duty Land Tax (SDLT), depending on the premium amount
Getting clear advice at the start helps you plan for all these expenses and avoid surprises. At TM Surveyors, we guide clients through the whole picture so you understand every cost involved and can secure the best possible deal.
When Should You Extend Your Lease?
If your lease is approaching 80 years, or has already dropped below this threshold, it’s vital to act quickly. Once the lease term falls under 80 years, marriage value applies, which significantly increases the premium payable.
Extending sooner almost always saves money in the long run, as the cost rises steadily as the remaining term decreases. Even leaseholders with 85–90 years left may choose to extend early to avoid future expense and keep their property attractive to buyers and lenders.
Our Lease Extension Process
Extending a lease can be done through either the statutory route, which is set out by law, or an informal agreement with your freeholder. The statutory process gives leaseholders clear legal rights, while the informal route may offer flexibility, depending on the freeholder’s terms.
Key Steps in the Statutory Lease Extension Process
Why Choose TM Surveyors?
At TM Surveyors, we specialise in lease extension valuations and have a proven track record of securing favourable outcomes for our clients. Our team understands the intricacies of the Leasehold Reform Act and combines technical expertise with practical negotiation skills to protect your interests.
With our professional advice and support, you can be confident that you’re securing the best possible deal on your lease extension.
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Lease Extension FAQs
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Whether you need a single valuation or ongoing advice, our RICS Registered Valuers are here to help.
