Do you need to extend the lease on your property?
When you purchase a leasehold property you agree to lease that property from the freeholder for a certain number of years. This term can be increased by extending your lease. A lease can be extended at any time, and a longer lease comes with many benefits
Why?
- To increase the value of your property
- To improve it’s saleability
- To make it easier to get a mortgage
- To potentially remedy any defects in your lease
How?
Have you owned your lease for more than 2 years?
No – The informal method
You can go down the informal method route and any time. This can be more cost-effective and amicable all round. Especially if you are in contact and on good terms with your landlord.
Yes – The formal method (statutory method)
A leaseholder can serve a statutory (section 42) notice on the landlord under the Leasehold Reform, Housing and Development Act 1993. Unlike with an informal extension, the landlord is compelled to grant the applicant leaseholder a lease extension of 90 years with a peppercorn ground rent.
Next steps
- Contact us for a free initial assessment
- If you want to go ahead, provide us with a copy of your lease, if you have it
- Your leasehold specialist solicitor will assist you with the rest
We are Leasehold Specialists
Based in Crystal Palace, our leasehold specialists and can help you extend your lease. We are also members of the Association of Leasehold Enfranchisement Practitioners (ALEP), so you can be sure to receive a high level of service, integrity and professionalism from us. Call the leasehold team on 020 8771 5254 for a free initial assessment of your legal matter today.
