lease-entensionsLease Extensions

Qualifying leaseholders have been legally entitled to extend their lease since 1993. To do this, you must have owned the lease for at least two years, either as an individual or through a company. An extension is usually for 90 years, and reduces ground rent to a peppercorn sum.

You can also sell your right to a lease extension to anyone buying your home, getting them out of the two year qualifying period. A formal legal notice will need to be served on the Freeholder and any intermediate landlords.

This type of valuation is rather specialised, and takes into account the property’s market value, the value of the landlord’s interest in terms of ground rent and so on and the difference between the two, known as the “marriage value”. Only an experienced professional is qualified to undertake this kind of survey.

 

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