The premium
This is the amount you pay to the freeholder to extend your lease. It is calculated based on the current value of the flat, the remaining lease length, and the ground rent. The shorter your lease, the higher the premium.
This calculator uses the Gerald Eve 1996 Graph of Relativities, an industry-standard table used by surveyors and the First-tier Tribunal (Property Chamber) for leasehold enfranchisement valuations.
Marriage value
If your lease has fewer than 80 years remaining, you will also need to pay a share of the "marriage value". This is the increase in the flat's value that results from the lease being extended. Currently, the law requires you to pay 50% of this increase to the freeholder, although reforms under the Leasehold Reform Act may change this. Read more about marriage value.
Professional fees
On top of the premium, you will need to pay for a solicitor (typically around £1,000-£2,000) and a specialist lease extension surveyor (typically around £500-£1,000). You may also need to contribute towards the freeholder's reasonable legal and surveyor costs.
Not sure whether to extend or sell?
If the cost of extending your lease feels too high, selling your flat to us for cash might be a better option. We buy short lease flats at any stage and you avoid the cost and complexity of a lease extension entirely.