Lease Extensions

ACTING FOR LEASEHOLDERS

Our fees are £150 per hour plus disbursements.  Routine incoming letters and emails are charged at £8 each. Attendances, telephone calls and outgoing letters and emails and are charged at £15 each.  VAT is also payable where applicable.

 

If we are only dealing with a lease extension and the price has been agreed, we normally charge £495 plus VAT if this can be agreed within 3 months and £595 plus VAT if it takes more than 3 months. The only disbursement is the Land Registry fee which is normally £40.

 

If we have to serve a section 42 notice (a notice setting out your right to extend your lease and the price you consider to be reasonable), we try to limit our costs to £995 plus VAT plus disbursements.

 

If we have to deal with the application to the tribunal we try to limit our fees to £1,500 plus VAT plus disbursements. This will not include fees of the person attending the tribunal to represent you in the unlikely event that there will be a hearing. A barrister or your surveyor will usually represent you at the hearing.

We will require £300 on account of our fees before we enter into correspondence. If a section 42 notice has been served, you will also have to pay 10% of the amount on the notice, subject to a minimum of £250 which is deducted from the price payable for the lease extension.

 

If you instruct us to try to negotiate any amendments to the lease apart from the length of the lease and the ground rent, our fees will be charged at our hourly rate and our estimated fees will increase.

ACTING FOR FREEHOLDERS

Most of our fees are usually paid by the leaseholder but we will advise you of the position as the matter proceeds. Our fees will depend on the value, complexity and urgency of the matter. They are usually £180-£220 per hour plus disbursements.  Routine incoming letters and emails are charged at £9-£11 each. Attendances, telephone calls and outgoing letters and emails and are charged at £18-£22 each.  VAT is also payable where applicable.

© 2019 by Ferns Solicitors 

Ferns is authorised and regulated by the Solicitors Regulation Authority (number 79274).

Nothing on this site should be treated as legal or practical advice. The information should be treated as a guideline requiring specific legal advice.