There exists a right to extend a residential lease for almost all flat-owners. This right permits a flat-owner to ‘purchase’ a longer lease term from the landlord at market price, provided certain conditions are met:
The residential lease dwelling must be a flat
The residential lease dwelling must be a flat or apartment (different rules apply to houses on long leases). The tenant must have been a qualifying tenant for at least two years. A qualifying tenant is one who holds a long lease of a residential property exceeding 21 years. It is not a requirement that you live in the apartment.
The new lease will expire 90 years after the date on which the existing lease expires. The right to a lease extension includes a right to reduce the ground rent to zero.
If possible, it is important to consider extending your lease before the lease term falls below 82 years. This is because the cost of extending your lease can increase significantly if the term falls below 80 years and it is wise to allow time to deal with the extension claim. You can find more detailed information on the lease extension process here.
We can assist with your lease extension whether it is done by informal arrangement with your freeholder or if it is done formally under the Leasehold Reform Act 1993.
If you receive any notice from your landlord, you should make contact with us as soon as possible, as there are strict time limits imposed.