Leaseholder
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.
Do you qualify for a lease extension?
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.
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 lease extension process?
1
Instruct a surveyor to carry out a valuation
2
Instruct a solicitor to serve a Section 42 notice
3
The freeholder has a maximum of 2 months to respond with a Section 42 notice
4
Instruct a surveyor to negotiate a fair and reasonable premium
5
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
6
Solicitors agree terms of the new lease
7
Upon agreement of the terms, there is 4 months to complete the process
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