Lease Extensions
Extending the lease on your leasehold property early can help protect your property’s value and avoid higher costs as the remaining term gets shorter. If your lease is approaching 80 years, we’ll explain your options clearly and guide you through the lease extension process, helping you secure a longer lease with confidence.
Agreeing a lease extension with your landlord
An informal lease extension lets you negotiate the new lease term, ground rent, and premium directly with your landlord. It offers greater flexibility, but you won’t have the same protections as the statutory process. You’ll pay your landlord’s legal and valuation costs alongside your own
Using the statutory route to extend your lease
A statutory lease extension gives qualifying leaseholders an additional 90 years on the remaining lease term, with ground rent reduced to a peppercorn. There is a formal legal process to follow and you’ll need to meet the qualifying criteria. You will cover the landlord’s legal and valuation costs in addition to your own.
Starting the process with a Section 42 Notice
Serving a Section 42 Notice starts the formal statutory lease extension process. It sets out your proposed terms and gives you the protection of the statutory procedure when extending the lease on your leasehold property.
Passing a Section 42 Notice to your buyer
Selling a leasehold property with a shorter lease can create challenges. Serving a Section 42 Notice before the sale, and assigning its benefit to the buyer allows them to continue the lease extension process after completion.
Extending your lease when the landlord can’t be found
A missing landlord doesn’t necessarily stop you from extending your lease. We can guide you through the court process and help you take the necessary steps to secure a lease extension without your landlord’s direct involvement.
Dealing with ground rent issues
A statutory lease extension reduces your ground rent to a peppercorn, helping you move away from increasing or restrictive ground rent terms.
Questions we’re often asked
Negotiating the premium is the role of an enfranchisement valuer, whom you will need to instruct separately. We can share contact details for valuers we work with.
No. You will need a specialist enfranchisement valuation to establish the premium, or price, to propose for your statutory lease extension.
The process must follow statutory timescales, and a statutory lease extension can take between 8 and 12 months to complete.
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