Legal Support

A Lease Extension is a contractual agreement primarily involving the freeholder and leaseholder, wherein an extension period is added to an existing long-term lease.

This process entails the replacement of the current lease with a new one, specifying the commencement and conclusion dates of the extended lease, as well as outlining any updated terms.

Here are key bullet points for a lease extension to help you:

Extends the length of your current lease, usually for 90 years on a flat.
Increases property value and makes it easier to sell.
Reduces ground rent to a nominal (peppercorn) amount.
Legal right to extend after owning the property for at least 2 years.
Lease extension cost includes a premium, legal fees, and valuation fees.
The longer you wait, the more expensive the extension may become.
Lease extensions are governed by the Leasehold Reform, Housing, and Urban Development Act 1993.
A lease below 80 years may incur additional costs (marriage value).
Can negotiate informally with the freeholder or follow a formal statutory process.
Professional advice from solicitors and surveyors is recommended.