Lease Extensions

The statutory right to request a lease extension generally starts once you have owned the property for two years. If you are thinking of selling a property which has a relatively short lease, you may wish to consider obtaining and completing a lease extension prior to marketing the property, as this may make a difference to the market value.

There are two ways of extending a lease – an “Informal” route by way of an agreement between you and the Landlord/Freeholder or a statutory lease extension under the Leasehold Reform Housing and Urban Development Act 1993.  The Informal Route involves settling the amount to be paid to the freeholder by way of negotiation between the parties. 

Our Residential Property lawyers can guide you through your lease extension if you have already agreed terms of the lease extension and premium to be paid.

However, if an agreement cannot be reached it will be necessary for you to proceed by way of a statutory lease extension which involves obtaining a valuation from a suitable surveyor and the service of a notice as required by legislation.  The statutory route can include a referral to the First Tier Tribunal (Property Chamber) if the terms cannot be agreed and we would advise you seek specialist legal advice.

For commercial lease renewals and Landlord and Tenant service of notices, please contact our Commercial Property lawyers.