Is it time to extend the lease on your property?
If you own a flat with a long lease you need to be aware of the remaining term of years left on the lease. A reduction in the term of years remaining will undoubtedly result in a reduction of the value of your flat and may impact the future marketability of your property.
You have a statutory right to extend your lease for an additional term of 90 years and to have the rent reduced to a peppercorn (nothing) provided you have owned your property for at least two years and meet the criteria set out in the Leasehold Reform Housing and Urban Development Act 1993. You will have to pay a premium for the lease extension this should be calculated by a surveyor.
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The process may seem overwhelming and confusing but our specialist team can provide you with assistance and advice at each stage. Our firm is a member of ALEP (the Association of Leasehold Enfranchisement Practitioners), a nationwide recognised committee of experienced leasehold practitioners, who specialise in this niche area of law and who are dedicated to providing expert advice. We are one of the only regional firms who has a solicitor dedicated to this complex area of law and we have strong links with others within the industry.
We have extensive experience of acting for landlords in both statutory and informal lease extensions.
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Holly is a Member and Head of Mullis and Peake’s Dispute Resolution Department