The lessee is entitled to a statutory lease extension of an additional 90 years at a peppercorn ground rent as provided by the Leasehold Reform Housing and Urban Development Act 1993 (as amended) provided that ownership runs for at least 2 years since registration and the lease was originally granted for a term of at least 21 years.
The premium is based on compensation (to compensate the landlord for what they have lost by granting the extra 90 years) plus fifty percent of the marriage value (the additional value resulting from the marrying of the freehold and leasehold interests). To take advantage of a free consultation please call Charles Tellerman MRICS on +44 20 7792 9950.
1. It fixes the date of valuation.
2. It freezes the length of the lease for the purpose of assessing the premium.
3. It forces the landlord to comply with the statutory timetable, for example the landlord has to respond with a counter offer contained in a section 45 notice within approximately two months.
The negotiation process to extend a lease will then be started and we will use our expertise to achieve the best possible settlement. Please see our Testimonials page to get an idea of the major private estates in prime central London where we have achieved our latest successful lease extension and freehold enfranchisement settlements.
Given Brexit and the global economic and political turmoil there is no firm indication that the market is stabilizing. Whilst market sentiment appeared to have gained some confidence due to the election of a majority Conservative government in May 2015, increased transaction costs and the uncertainty caused by the EU referendum have served to put the brakes on market activity.
As these factors are unlikely to change significantly in the short to medium term and with leases continuing to diminish in length, lessees should consider serving their section 42 notices sooner rather than later in order to prevent their premium from increasing.
"I have used Charles on a number of occasions and have always received a most efficient service but more importantly a terrifically effective outcome well ahead of my expectations. I have no hesitation in recommending him most highly.” Alasdair Locke, Lower Sloane Street SW1
“Charles Tellerman carried out a valuation for me for a lease extension on my flat in Westminster. I found Charles to be extremely professional and courteous. He was always quick to respond to any calls or queries and he put together a very thorough and clear report, demonstrating his knowledge, experience and dedication to delivering a high quality service to his clients. He then recommended and worked closely with a solicitor to achieve a very successful outcome. I am grateful to Charles for his support and would not hesitate to recommend him to others seeking a lease extension.” Lucy Bennett, Causton Street SW1
“I decided to hire Charles after interviewing a number of surveyors. I was immediately impressed by his no nonsense approach and total command of the law and its application to the negotiation of my lease extension. His extensive experience with Grosvenor was evident throughout. Charles accepted a success based fee structure which I viewed as superior in alligning interests. He was highly competent, efficient, and an aggressive advocate for my interests until successful conclusion. I recommend him without reservation.” KAM, Eaton Square, Belgravia SW1
“Charles Tellerman gave me excellent advice in this niche sector. He is very efficient and gives excellent service. Money well spent.” Yousuf Bux, Hallam Street, Marylebone W1
“I contacted Charles Tellerman of Tellerman & Co to negotiate my lease extension, having been recommended by a neighbour. I had been disappointed by a larger firm specializing in lease extensions: they were slow to respond to my queries and had suggested an offer price higher than I thought reasonable. Charles Tellerman replied to my enquiry immediately, and he prepared a detailed valuation report with far more evidence than the larger firm. With his in-depth knowledge of my local area he successfully negotiated a final price considerably lower than even the lowest range indicated by the larger firm. Although the larger firm talked about "economies of scale" this was a false economy. Charles Tellerman was able to consider my particular case individually and everything moved fast as we did not need to wait for other flats in a consortium. My lease extension was successfully completed and Charles Tellerman was excellent from start to finish.” Edward Benson, Burwood Place W2
“I have used Charles Tellerman on two separate occasions for lease extensions. In both cases the relevant freeholder was institutional and considered difficult to deal with and it was clear from the start that I would need professional advice. On both occasions the final price Charles agreed with the freeholders valuers was the price he had advised as being the likely premium. His understanding of the Lease Reform Act is forensic and his knowledge of the local (South Kensington) property market is huge. He is also, it would appear, a very tough negotiator. Although not cheap, Charles Tellerman's overall service package from taking on a valuation on behalf of a client and then negotiating with the freeholder's valuer is excellent and I would thoroughly recommend his services for anyone embarking on lease extension, especially when the relevant freeholders are institutional bodies.” Henry Buckmaster, Cranley Gardens, South Kensington SW7