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If you have any enquiries please contact any one of our specialist team who would be pleased to advise you on your options. You can also contact your lawyer individually from ‘Our People’ using the link below.
If you own a flat with a long lease, letting the term of the lease run low can cause your flat to decrease in value. It can also make it more difficult to mortgage the flat. You can contact your landlord on an informal basis to see if they would be willing to extend your lease and if so whether you can agree the terms (such as, the payment, the additional years and the ground rent). Alternatively, if you have owned your flat for at least two years you may have a statutory right to extend the term of your lease by an additional 90 years and have the ground rent reduced to a peppercorn (nil). You will have to pay a premium for the lease extension, which is calculated by a surveyor who specialises in such valuations. The statutory route involves a specific process that you need to follow – this process has a strict timetable.
If you have any enquiries please contact any one of our specialist team who would be pleased to advise you on your options. You can also contact your lawyer individually from ‘Our People’ using the link below.