Who has the right to extend their lease?
You automatically have the right to apply for a lease extension if you are a Qualifying Tenant under the Leasehold Reform Act 1993. A Qualifying Tenant is: – the tenant of a residential flat; – not a business tenant; – the original term of the lease was longer than 21 years; and – someone who has owned the lease for at least two years. A claim for a lease extension given by the landlord can be made if: – the immediate landlord is the freeholder of the property – if the immediate landlord is a leaseholder, the right to an extension will depend on the length of the term the landlord has left on its lease; and – the landlord is not a charitable housing trust How much does a lease extension cost? You will have to pay a price (the premium) for the lease extension. The price is made up of several elements and is calculated using a statutory formula. Amongst other things, the value of the property and the term remaining on the lease are factors determining the cost. Generally speaking the sho
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