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Regulated by the Royal Institution
of Chartered Surveyors (RICS)

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Residential Lease Extensions

The Leasehold Reform Housing and Urban Development Act 1993 (as amended) is the legislation which gives a long leaseholder the right to acquire a 90 year extension to be added to the present unexpired term of the lease.

There is no need or requirement for others in the block to extend their leases at the same time.

If you are buying a flat with a short lease it may be possible to serve & register the Initial Notice on behalf of the current owner (assuming they meet the qualification requirements) & then transfer this right to you so that you do not then have to wait the two year period before you can apply for an extension.

We advise both Freeholders and Long Leaseholders on the level of premium payable and, if required, negotiate on their behalf to secure an acceptable premium figure.

In a small number of cases it is not possible to reach an agreement with the other party in which event we would represent our client at the Leasehold Valuation Tribunal where a premium figure will be determined.

If you are considering buying or selling a freehold interest or extending an existing long lease then we will be able to answer any questions you have and supply you with a fee proposal for undertaking the statutory valuation.