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There are two potential routes. These are known simply as the informal route or the formal route.
The informal route is when both parties (you and the freeholder) agree terms between yourselves and the surveyors and the lease extension commences on these agreed terms. On this basis, the legal representatives of the freeholder would draw up the draft lease for your solicitors to consider who will then amend the draft where appropriate and advise you on this. As terms are agreed this option would normally be quicker as of course there is less time spent on negotiation and there are no set periods of notices.
The formal route is following a set procedure. This route will become more time consuming and costly for you as there is a set procedure and time limit to adhere to.
The landlord is also entitled to ask for their reasonable legal costs to be paid by you which is usual.
Please call our mobile friendly number on 033 33 22 1000 or 0800 9878156 or send us a message for further information.
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