Lease extensions
Lease extensions
We鈥檒l help you extend your property lease with ease.
Our experts guide you through the process of increasing the number of years on your existing lease.
Our leasehold property advisors equip you with up-to-date valuation reports and property insights, ensuring you have the information you need when applying to extend your property lease.
Why work with us on your lease extension
Comprehensive valuations
We鈥檒l carry out a full valuation on your property, calculating the current market value and the likely increased value with a new lease.
Solicitor relationships
We can recommend a trusted solicitor to support you and then liaise with them throughout the process to ensure a smooth transaction.
You鈥檙e our priority
We鈥檒l put your interests first and collaborate with you to negotiate a fair price to extend your lease.
Frequently asked questions
How do I qualify for a lease extension?
- You must have owned the property for at least two years.
- The original lease must have been granted for a minimum of 21 years.
Do I have to extend my lease?
When a lease gets shorter, property value can decrease, making it harder to sell due to the uncertainty of the cost to extend it. The shorter a lease gets, the more costly it is to extend it.
How many years can I extend my lease for?
A leaseholder is entitled to a 90-year extension on top of any remaining years on the lease. Any ground rent currently payable is reduced to a peppercorn 鈥� typically £1 annually 鈥� on completion.
What is the process for extending a lease?
- Step 1: Instruct a valuer to fully inspect the building and supply a valuation report. The report will give you an idea of the 90-year lease extension cost and a lower figure for serving the Section 42 notice on the freeholder. It鈥檚 important the valuation is carried out in accordance with Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993.
- Step 2: Once you have the valuation report, you can instruct a solicitor to serve the Section 42 notice, after which the freeholder has two months to reply with a counter-notice.
- Step 3: When you have the counter-notice, you have six months to negotiate and agree on a final price.
- If a price is agreed upon, an application to the tribunal needs to be made via your solicitor within the six-month negotiation period to keep the claim active.
- If you鈥檙e unable to agree on a price and no application to the tribunal is made, the claim is classed as withdrawn and you鈥檒l need to wait 12 months to start the process again.
Which freehold properties are exempt from complying with lease extension legislation?
- Buildings within a cathedral precinct
- National Trust properties
- Properties owned by the Crown
- Properties that include any track part of an operational railway, including a bridge, tunnel or retaining wall
Need leasehold advice?
Our Leasehold Reform and Litigation team can help.
