If you want to extend your lease under the 1993 Act then the landlord’s reasonable legal and valuation costs will be payable by you (as well as your own). You will not need to pay their costs in relation to any tribunal work, or in relation to any negotiation work carried out by the landlord’s surveyor or solicitor. Often if …
Why should I extend my lease?
You should consider doing this if the lease is ‘short’, or approaching 80 years in length. Once the lease is under 80 years it will cost more to extend because a factor known as ‘marriage value’ will be added in the calculation. Properties can be difficult to sell or re-mortgage where the leases are under 75 years and lenders normally …
How long can I extend my lease for?
There is no set limit, if you’re negotiating informally. Typically, the longest lease extension will be to 999 years on the basis that this is a ‘virtual freehold’ interest. This would be possible only by agreement. Often where flat owners have purchased the freehold the leases will be extended to 999 years and the ground rent reduced to ‘a peppercorn’. …