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A Step by Step Guide to Extending Your Property Lease

Real Estate

A Step by Step Guide to Extending Your Property Lease

The process of lease extension can be sometimes complicating that if you are not careful, you may end up making a mess of the whole thing. Very few persons get it right when it comes to doing the right calculations and making sure that everything is spot on. That is the reason why this article has been produced; to help you out in the process of extending your property lease and making you the winner in such process. Some of the steps that you will need to take will be stated below in the subsequent subheadings.

Consider the Cost

It is so amazing how many people plan to extend their property lease without considering the overall cost. In the end they get burnt due to lack of planning. This is a very important stage because it is where you will let your head instead of your heart to do the calculations.

In this stage, you will need to consider how much the overall cost will be like. Some of the factors that you will take into considerations are: how valuable the property is presently, the size of your budget, the number of years that you would like to extend it to, legal costs to be incurred, cost to be incurred on land registry update and so on.

Once you can do this process very well, you can be able to tell if such a process will be something that will cost you money or less.

Consider the Present Condition of the Property

Your decision to have leave extension on your property could be a good one but it is possible that you could find other top property if only you can look beyond what you are seeing at the moment.

The reason for such is based on the fact that most times a property can either depreciate in value or appreciate depending on the conditions surrounding it.  Appreciation in physical value can only come if there is periodic maintenance of such property. The property that you leased some years ago may not be the same in terms of its intrinsic values.

Of what use can a property with less intrinsic values be to you when there are others that are well maintained. If you are trying to have such lease extended for some business reasons then it is understandable why you may want to stick with it.

Speak with the Owner

Before your plans can materialise on any kind of lease extension, you will have to discuss with the owner of such property. It is possible that he or she may have some different plans for such property. However, it is also possible for the owner to be happy with such an extension.

Get a Surveyor

This is where you let professionals do their work. You need someone that has an in-depth understanding of the market so as to know what you are getting into. Getting a good surveyor doesn’t have to be hard as you can find always find one when you speak to any of those estate agents about what you want. Also, a solicitor will be needed as he can help you to find a good survey.

Make Your Offer

This can only be possible if the owner approves of your lease extension plan. At this stage, you will to make your plans known in a legal way. It is the duty of your solicitor to handle this stage.

Negotiate the Price

This is the last stage. You will have to discuss extensively with the owner to reach a reasonable price. If a price has been reached, that is when you will pay according to the instructions of the property owner.

 

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