Lease Extension Calculator
This tool is a rough guide to help you in the initial planning stage, to find out the approximate price payable to extend your lease.
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Lease extension premiums (the part payable to the freeholder for the grant of the new lease) are complicated. They are not something that an estate agent or Zoopla can assist with.
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We provide a simple calculator above to give a very rough idea for leases with a fixed ground rent however there are many elements are play when calculating the premium payable under the Leasehold Reform, Housing and Urban Development Act 1993, including marriage value in some cases (for leases with less than 80 years) and capitalising ground rents including doubling ground rents, RPI ground rents and ground rents linked to a percentage of the sale price of you property. There are also Tribunal decisions on things such as roof space development value and other niche areas.
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Are there other costs?
​Once you have established the likely premium, you will need to factor in the related costs of the process:
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Your own legal costs of perhaps £950 - £2,000 depending on the solicitors you appoint (we offer a fixed legal fee to extend your lease)
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You own valuation costs of typically between £500-£800
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Freeholders legal costs of typically £1,600 plus VAT but this can vary considerably depending on the firm appointed by your freeholder (they are entitled to recover 'reasonable legal costs' however the FTT has upheld landlord legal costs of £3,000 plus VAT in cases we have been involved with, and so this leaseholder protection isn't entirely useful)
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Freeholders valuation fee of around £500-£800, note that you should under no circumstances pay your landlords negotiation costs, as these are not recoverable under section 60 of the Leasehold Reform, Housing and Urban Development Act 1993.