Lease Extensions - Reynolds Parry Jones

Lease Extensions

Most flats, and some houses, have a leasehold, rather than a freehold, tenure. A property occupied under a lease is rented, rather than owned outright, for a specific time, typically 125 years on inception.

As each year passes the right to occupy the property shortens in time so, for example, a lease established 40 years ago would now have just 85 years before expiration. A lease is a deteriorating asset which, if left unaltered, will make it difficult for the owner to sell and problematic for a prospective purchaser to raise a mortgage.

A qualifying tenant (leaseholder) of a house may have the statutory right to extend a lease or to buy the freehold.

Qualifying tenants of flats have some additional rights including that of reducing the rent to a peppercorn rent, though a lump sum will be payable to the landlord in return and to add a further 90 years to their lease term.

You may find it worthwhile to approach the landlord to extend the lease even if you have only recently purchased the property.  

If you are selling or contemplating buying a leasehold property our experts can explain the complexities of the law and help you achieve your goal – call us now.

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