FAQs
If you decide to try to negotiate a lease extension, there are no rules, and your landlord could refuse to extend your lease or set whatever terms they like. For example, they may want to increase the ground rent as one of the terms.
Most flat owners are legally entitled to acquire 90 years added to their lease at a fair market price under the Leasehold Reform Act of 1993. The number of times a flat’s lease can be extended is unrestricted. Extending will result in your ground rent (if you have any) being reduced to zero.
The full leasehold extension process takes three to twelve months on average, although it can be sped up with the help of experienced valuers and solicitors. The first step is to determine whether you are eligible for an extension.
The value of a leased asset decreases over time. As the lease term expires, the value of the lease decreases, and the cost of renewing it rises. Selling a house with a short lease can be difficult since a mortgage provider may be hesitant to lend money against it.
