Our residential property solicitors have vast experience in handling various lease extension matters and pride ourselves in offering an efficient and reliable service. We can advise on informal lease extensions, statutory or section 42 lease extensions and share of freehold multiple lease extensions.
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If your lease runs below 80 years it will incur a ‘marriage value’, which means you will need to pay the freeholder considerably more for the lease extension.
Once you have extended the lease the value of your flat will increase.
If you opt to carry out a statutory 90-year lease extension, via a Section 42 Notice, then you will not be required to pay any more ground rent.
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A statutory lease extension, also known as a formal lease extension or section 42 lease extension, is used by leaseholders to extend the lease on their property when they meet certain eligibility criteria. This process is governed by the Leasehold Reform, Housing and Urban Development Act 1993.
Our lease extension solictors offer you expert guidance in navigating the complexities of statutory lease extensions, ensuring that you meet all the necessary legal requirements.
Our deep understanding of statutory lease extensions maximises your chances of successfully extending your lease and securing your property’s future.
Informal lease extensions involve negotiating with your landlord to extend your lease outside the statutory framework. While this process can be more flexible, it requires skilled negotiation and legal knowledge to ensure your interests are protected.
Our experienced team excels in this area, helping you navigate the negotiation process, assess the terms of the lease extension, and protect your rights as a leaseholder. We provide guidance on securing a fair and beneficial informal lease extension tailored to your unique situation.
We’re a six-partner practice accredited by the Law Society’s Conveyancing Quality Scheme (CQS) with £3 million professional indemnity insurance. Our quality service is recognised by our admission onto the residential conveyancing panels of major mortgage lenders, including bridging loan specialists.
The lease becomes more expensive to extend due to the marriage value.
You may face difficulties remortgaging or finding someone to buy with a mortgage.
To qualify for a statutory lease extension, the leaseholder will usually need to have owned the flat for at least two years, and the lease must have been originally granted for more than 21 years, subject to certain exceptions.
A Section 42 is a legal notice detailing the fixed premium arranged with the landlord in exchange for extending the lease.
You can take an informal route, however you may experience delays and the landlord can refuse or arrange the lease on their terms.
A lease extension can take anywhere between 1 to 6 months, or even longer if you and your landlord have not agreed on a premium. For more information about lease extensions, read our blog about the lease extension process.
If more than 50% of flat owners in your block wish to acquire the freehold you can follow a procedure known as collective enfranchisement.
We are proud to be Members of the Association of Leasehold Enfranchisement Practitioners (ALEP). ALEP Members are vetted to ensure that they have the requisite expertise in leasehold enfranchisement. ALEP acts as a badge of assurance and confirms that we can handle potentially complex collective enfranchisement transactions.
