Residential Lease Extensions Management Service for Landlords
We’ve modernised and taken the grunt out of residential lease extensions!
Many former Council properties were sold in the 10-15 years following the introduction of ‘Right to Buy’ under the Housing Act 1985. Flats were sold on long leases and 125 years was a popular term. Those leases typically now have 80-90 years remaining.
We’re ready for the Leasehold & Freehold Act 2024 whenever it is implemented. But until then, under the Leasehold Reform Housing and Urban Development Act 1993 which granted long leaseholders the right to purchase a 90 years’ extension, lessees are rightly advised that the cost of extending goes up significantly when the remaining term falls below 80 years. So when remaining lease terms get down below 90 years, there is often a clamour to extend, especially when lessees need to sell or remortgage.
Our service for landlords simplifies and takes the grind out of the whole process:
Our service – your advantage
Self-service application portal
Back-end administration
No missed statutory notices
Collection of fees and payments
Automation of approvals process
Instruction and payment of valuers
Huge admin cost savings (all costs borne by applicants)
Skilled staff can focus on skilled work
Service can cope with spikes in demand
Professional service levels
High degree of customer satisfaction
Some landlords will only accept formal applications via a notice under s.42 of the act, but others will accept ‘informal’ applications and offer voluntary extensions. Our systems can handle both. However, it is vital that all cases are managed carefully. This means communicating effectively with applicants, landlords, and their respective solicitors.
Our LeasePlus90 service includes:
Providing an integrated applications portal and telephone helpline
Receiving, logging, and checking applications and supporting documents
Collecting valuation and admin fees
Providing information, documents, plans, etc. to the valuer
Providing a standardised report proforma
Maintaining a database of comparables and valuation benchmarks
Receiving reports and checking against valuation benchmarks
Providing a proforma and Record of Decision and secure portal for approving
Handling negotiations on formal cases
Providing signed Records of Decision and Memoranda of Agreement to appointed solicitors
Liaison with applicants
Tracking progress to timescales
Reconciling valuer invoices against work completed
Logging details of completed transactions in the comparables database.
Providing monthly activity reports and case summaries