The Complete Guide to Lease Extensions Essay

The Complete Guide to Lease Extensions Essay

Length: 1601 words (4.6 double-spaced pages)

Rating: Powerful Essays

Open Document

Essay Preview

The complete guide to lease extensions

What is a lease?

A lease is contractual agreement between two parties with regards to an item of property. They are most commonly used for property in the United Kingdom (UK) under the term residential lease. If you are currently living in a non-freehold or non-rental flat odds are you signed one prior to moving in. The time period on a residential lease usually falls somewhere between 99 and 125 years, which in general seems like a long time. However, if it is allowed to run-out with a notice of extension being served then all interest in the flat reverts back to the freeholder. This means that not only can you lose your home, but any money you have invested in it as well.

Freehold and Leasehold

If someone owns a freehold over a property it will mean that they are owner of said property or the land that it was constructed on top of. As owner a freeholder is in control of the property outside of the lease, meaning that they can carry out construction and renovations as they so please as long as they have council permission to do so.

The leaseholder will have a long-term tenancy agreement with the freeholder, which would have been agreed upon and subsequently signed prior to moving into the property. When such an agreement is in place the leaseholder will have the right to live in the property uninterrupted. A leasehold agreement doesn’t equal ownership of the property, meaning that you won’t be able to make any physical alterations to the property itself. It is also only an agreement, meaning that it will eventually expire, if you wish to extend the length of the agreement you will need to serve a notice of extension. Almost every leasehold agreement will be based upon financial remunera...


... middle of paper ...


...ten council owned offices) to both parties involved.

Is it mandatory for a leaseholder to attend a Leasehold Valuation Tribunal (LVT)?

It isn’t considered mandatory but your case may be damaged if you choose not to attend. At minimum if you choose not to attend you should send someone (preferably a solicitor) to represent you in your place.

Is it mandatory for a leaseholder to have legal representation at a Leasehold Valuation Tribunal (LVT)?

It isn’t mandatory but if your cases comes with a multitude of issues or is complex in nature it may be best to do so.

How long is the Leasehold Valuation Tribunal (LVT) process?

It is always case dependent, but those involved can expect the process to take anywhere up to six weeks between first hearing and final outcome. In some rare cases the decision may even be issued immediately following the conclusion of a hearing.

Need Writing Help?

Get feedback on grammar, clarity, concision and logic instantly.

Check your paper »

Installing Your Own Hair Extensions Essay example

- Having long, healthy hair could possibly be one of the envied genes amongst women. Many women take supplements or undergo surgery to provide them with the added confidence of having luxurious hair. Although, those methods have been proven to work, there are many other less invasive methods available for obtaining beautiful hair. The use of hair extensions have become a popular trend in today’s society. Many celebrities, TV personalities and even politicians have owned up to adding a few hair extensions here and there....   [tags: Hair extensions, ]

Powerful Essays
575 words (1.6 pages)

Negotiation for Lease Extension Essay

- ... In terms of time requested in an extension, anywhere around 90 years is considered common. How to start proceedings. To get the ball rolling your leaseholder, he or she will need to serve you with a formal notice of lease extension. This is an official document that will detail their opening offer for the lease (which will have been decided upon by a surveyor), it should also be signed by the leaseholder prior to sending. If their current lease has less than 80 years left on it, the extension will be subject to an additional premium, commonly known as a “marriage value”....   [tags: freeholder, proceedings, price]

Powerful Essays
539 words (1.5 pages)

Essay on Impact Drivers A Complete Guide

- Impact Drivers-A Complete Guide When you think of iconic, must have tools that you will find in every garage, what do you usually think of. Most people will probably say cordless drills, circular saws, hammers, etc., tools like that. What people most people probably would not name, are impact drivers. Although they are not a well-known tool, at least when compared with cordless drills and saws, they are a very useful tool to have around. Impact drivers are small, cordless drill like tools, that are used to either loosen screws and nuts that are unable to be taken out by a traditional screwdriver; on the other hand, they are also used to tighten screws and nuts that need to be tightened with...   [tags: Drill, Drill bit, Screw, Want]

Powerful Essays
1071 words (3.1 pages)

Essay about Case Analysis : Lease Minimum Payment

- Companies use leases in order to obtain assets that would potentially cost them more to own or negative to use credit to obtain. Leasing has a reputation amongst individuals who cannot obtain the entire information of the companies use of the lease due to the accounting treatment it has. This can lead to false representations in the financial statements. With the International Accounting Board (IASB) that creates and approves financial reporting standards proposed change to the accounting methods for lease purposes, this can provide a curve to how companies record the transaction....   [tags: Balance sheet, Income statement, Finance lease]

Powerful Essays
1230 words (3.5 pages)

Essay about A Complete Guide For Using Real Estate Virtual Assistants

- A Complete Guide to Using Real Estate Virtual Assistants Meta Description: If you find yourself struggling to set aside time for the really important work, consider hiring a virtual assistant to help you with the everyday tasks of managing your real estate business. Meta Key Words: Real estate business, Virtual assistant real estate, Real estate virtual assistants, Real estate assistants Using Real Estate Virtual Assistants Can Help in So Many Ways Sure, you can go it alone. You’ll probably get everything done....   [tags: Management, Need, Want, Marketing]

Powerful Essays
1127 words (3.2 pages)

Social Medi The Complete Guide For Brands And Businesses Essay

- Brian Solis the author of Engage: The Complete Guide for Brands and Businesses to Build, Cultivate, and Measure Success in the New Web once said “Social media spark a revelation that we, the people, have a voice, and through the democratization of content and ideas we can once again unite around common passions, inspire movements, and ignite change” (INSERT CITATION). According to Merriam-Webster Dictionary the term social media can be defined as “forms of electronic communications (as Web sites for social networking and microblogging) through which users create online communities to share information, ideas, personal messages, and other content (as videos)” (2015)....   [tags: Web 2.0, Social media, Social network service]

Powerful Essays
915 words (2.6 pages)

Successful Brand Extensions Essay

- Introduction Brand extension refers to the successful use of an already successful brand name to launch a modified or new product in a new market or niche. The management of brands is a key element in product strategy in any given business, especially those that operate in highly competitive markets. Brands cannot be developed in isolation, in that they normally categorized within a business product group or product lines. In relation to a product mix, its width can be measured by the number of product lines that a business enterprise offers....   [tags: Brand Extension Essays]

Powerful Essays
926 words (2.6 pages)

To Lease or Not to Lease Essay

- To Lease or Not to Lease There is always much debate around the subject or owning vs. leasing, anything. We all immediately assume owning is the right choice because why lease it when you can own it, right. Or maybe wrong. I will further discuss the advantages and disadvantage of leasing a medical office, medical equipment and office furniture. Medical Office or Headquarters Advantages of leasing a medical office over owning is freeing up working capital. With the money that is freed up from a lease payment and not a property payment you can focus more on other aspects of the business....   [tags: Economics ]

Powerful Essays
933 words (2.7 pages)

Essay on Dave Barrys Complete Guide To Guys

- Wait, are you telling me that Dave Barry's Complete Guide to Guys addresses women's issues. If "women's issues" include understanding why guys spit, scratch themselves, and give each other noogies, well then this book certainly addresses them. As for addressing the whole bit about a patriarchal world history, the subjugation of women, and accused responsibility for the Fall of Man, well, you might as well forget it. Dave Barry might not make you feel better about the stature of women in today's world or the future of the human species, but hopefully you can say this: you're not a guy....   [tags: essays research papers]

Free Essays
1383 words (4 pages)

Student Survival Guide Essay

- Student Survival Guide When starting a new course: The first resource I need to use is the course syllabus. The syllabus includes the course overview, and then the week by week assignments. Within in the weekly assignments are your materials needed for the week, and are usually in a word or pdf document. If you don't have the programs to read the downloads; you can download the programs to read the document's on you student web sight. My instructors contact information is also a valuable resource with in my course syllabus....   [tags: How To Guide]

Powerful Essays
1212 words (3.5 pages)