DIY Lease Extension: Can You Avoid Appointing Professionals? - By: Tim Bishop

People are more money conscious than ever before and because of this people try to cut corners in order to save themselves money. This is where the idea of DIY lease extensions arise. It is certainly as good move to get a lease extension under your belt, however doing it alone without any help and guidance may get you in a pickle. Professional help can make sure that you are being treated fairly and that your needs are satisfied in the deal that you sign.

The informal side of starting the lease extension procedure is discussions held between the landlord and the leaseholder. The first step will involve the the leaseholder contacting the landlord and telling them you wish to get an extension on your lease. If the landlord is compliant and offers an extension at a reasonable price then great, the process can begin. However if the landlord is difficult and is not happy to agree to an extension then you will have to proceed with an official Initial Notice, which will be responded to with a Counter Notice.

Many people will see this process as quite simple and therefore a perfect way of getting things off the ground yourself and avoiding legal or surveyor fees. At this stage it is still looking straightforward to do a complete DIY lease extension.

Even though the DYI process is feasible in parts, you could soon find out that if you do not take on a Solicitor or Surveyor that your leasehold extension costs you a lot more than you bargained for!

Instructing a professional will ensure that you receive the right advice on what process to follow. Not only this, but they will help ensure that your freeholder doesn't offer the extension at an extortionate amount and that you are being treated fairly. Quite importantly your legal representative will ensure that the process you follow is legally binding and that your DIY job will stand firm in the future. You may find yourself in a compromising situation when following a DIY job and then trying to sell a property that isn't legally yours. Unfortunately lease extensions is specialist work and any old solicitor or surveyor might not have the experience needed to offer you solid advice. This does normally equally a higher cost for specialist advice.

Therefore even though a DIY job is a real possibility, you should not take it on without help and advice from the professionals. This will ensure that you get fair treatment and follow the right procedures. You will see that it was worth it all along.

About the Author

If you need a Lease Extension then contact Bonallack & Bishop, a firm experienced in Leasehold Extension. Senior Partner Tim Bishop is responsible for all major strategic decisions, seeing himself as a businessman who owns a law firm. Tim has expanded the firm by 1000% in 12 years and has plans for its continued development.

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