Since last year, you no longer need to wait two years before extending your lease.
This means leaseholders can now extend their lease (or buy the freehold of a house) immediately upon purchasing a leasehold property.
There are two ways to extend the lease of a flat:
- Statutory route – compulsory purchase of a longer lease at a price to be fixed by the tribunal if you and the freeholder cannot agree
- Informal route – A landlord and leaseholder can agree to extend the lease voluntarily. The extension could be for any number of years and under any terms, depending on what is agreed