I am a Leaseholder
I want to extend my lease.
When your lease drops below 80 years it can become significantly more expensive to extend your lease.
The Leasehold Reform Housing and Urban Development Act 1993 entitles qualifying leaseholders to a 90 year extension on their current term and and peppercorn ground rent.
Do you Qualify for a Lease Extension?
You qualify if:
- You have owned the property for more than 2 years (this is two years from the registration with HM Land Registry).
- The original lease length is in excess of 21 years.
NOTE: Charitable housing trusts, properties in a cathedral precincts, etc are exempt
What is the Leaseholder Extension Process?
- Instruct a surveyor to carry out a valuation (use our tool above)
- Instruct a solicitor to serve a Section 42 notice
- The freeholder has a maximum of 2 months to respond with a Section 42 notice
- Instruct a surveyor to negotiate a fair and reasonable premium
- If a premium is not agreed before 6 months has passed from the Section 42 Notice, this is the latest an application to the First Tier Tribunal can be made
- Solicitors agree terms of the new lease
- Upon agreement of the terms, there is 4 months to complete the process