DIY Lease Extension: Do You Have To Appoint Specialist Surveyors Or Solicitors?

People are more money conscious than ever before and because of this people try to cut corners in order to save themselves money. This is where the idea of DIY lease extensions arise. It is certainly as good move to get a lease extension under your belt, however doing it alone without any help and guidance may get you in a pickle. Professional help can make sure that you are being treated fairly and that your needs are satisfied in the deal that you sign.

The informal side of starting the lease extension procedure is discussions held between the landlord and the leaseholder. This initial stage merely involves the leaseholder getting in touch with their landlord and asking them how much they would be happy to accept for an extension on the lease. If the freeholder offers something sensible then the extension process can begin, however if the freeholder is not happy to award an extension then the leaseholder will proceed onto offering an Initial Notice, which will then be answered by a Counter Notice from the landlord.

Many people will see this process as quite simple and therefore a perfect way of getting things off the ground yourself and avoiding legal or surveyor fees. At this stage it is still looking straightforward to do a complete DIY lease extension.

Even though the DYI process is feasible in parts, you could soon find out that if you do not take on a Solicitor or Surveyor that your leasehold extension costs you a lot more than you bargained for!

Instructing a professional will ensure that you receive the right advice on what process to follow. Not only this, but they will help ensure that your freeholder doesn't offer the extension at an extortionate amount and that you are being treated fairly. Quite importantly your legal representative will ensure that the process you follow is legally binding and that your DIY job will stand firm in the future. You may find yourself in a compromising situation when following a DIY job and then trying to sell a property that isn't legally yours. Unfortunately lease extensions is specialist work and any old solicitor or surveyor might not have the experience needed to offer you solid advice. This does normally equally a higher cost for specialist advice.

Therefore even though a DIY job is a real possibility, you should not take it on without help and advice from the professionals. This will make sure that you are treated fairly and protected throughout the whole procedure. You will soon find out that it was worth the extra cost in the end.

Source: http://ezinearticles.com/6207794

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