L&Q informal lease extension process
This process extends your current lease by 90 years and should take ~6 months. The costs described here are indicative and are based on 100% ownership: the final fee will depend on various factors. You should seek advice before deciding whether to pursue an informal extension. See Lease extensions explained on the L&Q site for more information.
- Request a Lease Extension Valuation Request Form from firstname.lastname@example.org
- Return completed form, selecting a surveyor. L&Q should already have a copy of your lease, but it is worth confirming at this stage.
- Schedule valuation with surveyor
- Pay admin fee to L&Q (£255)
- Pay valuation fee to surveyor (£420)
- Receive valuation and offer letter from L&Q. The offer is valid for 6 months. Unless you pay ground rent you should ensure that it is excluded from the calculation of the cost of the extension.
- Visit an L&Q office to verify your identity. This can be done at any stage prior to completion.
- Appoint a solicitor, paying advance (£160, variable) and providing valuation and offer letter
- Return completed Lease Extension Acceptance Form to L&Q with details of your solicitor
- Pay L&Q’s solicitor’s fees via your solicitor (£640, variable)
- Pay lease extension fee and other associated costs via your solicitor (£6,120, variable)
- Await confirmation from L&Q and (eventually) a copy of the updated lease from your solicitor
Total (depending on the valuation of your flat and your solicitor’s fees): £7,595
Mark Woodbridge | 19 February 2019 | CC BY