Lease Extension

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Lease extensions explained 

When you buy a leasehold property, the lease will specify the lease ‘term’. This is the amount of time you are allowed to own your property for, before it reverts to the landlord (also called the freeholder).

A short lease can impact the property’s value and put you in a vulnerable position. A short lease is generally considered to be one with 80 years or less remaining. If you have a short lease, you can extend the term. There are two ways you can do this:

1. By way of an informal, voluntary agreement with the freeholder
2. By way of a statutory lease extension, in which you exercise your right to extend your lease

If the freeholder is not willing to enter into a voluntary agreement, you will have to rely on your statutory right. However, you must have owned the leasehold for at least two years, if you are to take the formal route.

Lease extension solicitors

We specialise in both types of lease extension. Our team will advise you on the pros and cons of each, and can clarify whether you are eligible to a statutory lease extension. We can then guide you through the process, managing everything from start to finish.

Lease extensions are a legal process, so it is essential that you have an experienced solicitor on your side.