A Leaseholder has a right, subject to qualification, to extend their lease. This is highly recommended when a lease is approaching 80 year remaining.
The Leasehold Reform (Housing and Urban Development) Act 1993 allows qualifying leaseholders with a statutory framework to extend their lease by an additional 90 years and reduce the ground rent to a peppercorn.
The Landlord is entitled to a premium for such lease extension.
This area of law is complex and there are strict time limits for serving and receiving notices which if not complied with, will result in the process failing. It is therefore vital to have experienced legal advisers to assist you.
We can assist you in all aspects of the Lease Extension process.
We have vast experience in acting for both Freeholders and Leaseholders.