It's important to keep your lease long on your leasehold property
If you own a flat with a long lease, letting the lease run low can cause your flat to decrease in value, and impact the future marketability of your property.
You have a statutory right to extend your lease for an additional term of 90 years and have the rent reduced to a peppercorn (meaning nil), provided you have owned your property for at least two years. You will have to pay a premium for the lease extension which is calculated by a surveyor.
The statutory procedure obliges a freeholder to deal with your request, but you can contact your landlord on an informal basis to see if they would be willing to extend your lease and if so whether you can agree the terms. This may save you costs.
This process may seem overwhelming but our specialist team can provide you with assistance and advice at each stage. We have experience of acting for both freeholders and leaseholders in statutory and informal lease extensions.
Collective enfranchisement is the process by which a group of leaseholders in a block apply to purchase the freehold.
You are entitled to do this provided that there are at least two flats in the building and at least two thirds of the flats are let to long leaseholders and not more than 25 % of the building is non-residential. At least 50% of the leaseholders must take part in the claim.
Our legal team can assist you with the process from start to finish.
You can download our free guide about lease extensions here.
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Residential Property Team
Svetlana joined Mullis & Peake LLP in 2015 and works in the residential property team
Paul qualified as a solicitor in 2010 and specialises in Residential Property matters.