Extending Your Lease
Did you know that if you have a lease of a flat, you will, in most cases, have a right to ask for your lease to be extended by a period of 90 years?
This is a right that was introduced by the Leasehold Reform, Housing and Urban Development Act 1993 which, because of its rather long name, is usually just known as the 1993 Act.
You do have to pay a premium to your landlord for extending the lease term. If you cannot reach an agreement with the other party, then there is a procedure in place which allows the matter to be referred to the property tribunals. They will then decide the amount of any premium that should be paid.
If you have to serve a notice on the landlord under the 1993 Act, then we can help you with the drafting of the notices or, if you are a landlord, then we can advise you what to do when you receive a notice and what needs to be done next.
We work with a number of surveyors’ firms who specialise in the valuations required under the 1993 Act.