Should I extend my lease?

1 August 2023

Around 20% of homes in England are leasehold properties. A leasehold means that you hold the property for a fixed period of time. The majority of flats are leasehold properties.

You will have a legal agreement with your landlord (also known as the ‘freeholder’) which is called a ‘lease’ and you will be known as ‘the tenant’. The lease determines how many years you will own the property for. Once this period is over, the ownership of the property will return to the landlord.

However, under the Leasehold Reform, Housing and Urban Development Act 1993 (LRHUDA 1993), a tenant who holds a long lease of a flat has a statutory right (subject to compliance with requisite qualifying criteria) to a 90 year old extension of the lease.

When does this right arise?

The conditions for this are:

1) The tenant has owned the leasehold interest in the flat for a continuous period of at least two years before service of the notice requesting an extension; and
2) The flat is held on a long lease. This is a lease that is granted for a term of more than 21 years.
Although the right is expressed as an ‘extension’, the legal method of giving effect to this is by granting a new lease and substituting the existing lease. This will be for a term equal to the unexpired residue of the lease i.e. if there are 17 years left, it will be for 17 plus 90 years in total. Therefore, the new lease would be for a period of 107 years.

How do I obtain a lease extension?

The first step is to review the lease itself and the registered title. If the lease is held in joint names, the joint tenants are regarded as a single tenant for the purposes of acquiring the right to an extended lease.

You may choose to extend your lease by the voluntary route. This would be by negotiating an open market deal with the landlord. Alternatively, there is the statutory route. This is the legal right qualifying leaseholders have under LRHUDA 1993.

The next step is to consider a valuation. Although a formal valuation is not required, it is advisable to obtain some valuation advice as to the premium and other payments to ascertain likely costs involved.
It is imperative that you ensure that you have the necessary finance to pay the premium which is payable on completion as well as the statutory deposit which is payable to the landlord.

Are there leases which cannot be extended?

Listed below are some examples of where it is not possible to extend a lease:

1) The lease is a business tenancy protected by the Landlord and Tenant Act 1954 (LTA 1954).
2) The flat has been let out by a charitable housing trust with the purpose of the charity.
3) The property is held by the Crown, although the Crown has undertaken to allow lease extensions on the same terms as the Land Registration Act 1967.
4) The property is solely vested in the National Trust.
5) The property is within the precinct of a cathedral church.

Why should I extend my lease?

As the lease period is reduced as years go on, the premium you will be required to pay to the landlord for the extension will only get higher. Therefore, the value of the lease decreases and it only becomes more expensive, and may make it difficult to sell or assign the lease

Additionally, in the current financial climate and with rising property prices, it is advisable to review your current lease. Although there are talks of new legislation, a lease remains a depreciating asset and therefore, even if you wait for the reforms to come into play, your premium will only increase during this time period.

More information

https://www.legislation.gov.uk/ukpga/Eliz2/2-3/56/contents

https://www.legislation.gov.uk/ukpga/1993/28/contents

How can Lennons help?

Understanding lease extensions can be a difficult process and we are here to help you. If you would like assistance or advice regarding a lease extension, please call us on 01494 773377 or email hello@lennonssolicitors.co.uk.

Rose Bobby is a trainee solicitor in our dispute resolution department. She is also a Regional Representative of the Junior Lawyers Division Berks, Bucks & Oxon

DISCLAIMER: The content of this article has been prepared for informational purposes only. This content does not constitute legal advice, nor does it give rise to a solicitor/client relationship. Specialist legal advice should be taken in relation to specific circumstances.

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Fantastic, professional, friendly, and proactive support from Ros when buying our new house. Couldn't have asked for a better experience! Would recommend!

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I can’t praise Lennons Solicitors of Amersham enough, but especially to Ros Nolan and her PA Dianne for the exceptional work they did in the sale of my house so recently.Ros was always prompt with all her responses, professional and so approachable when it came to any problems. We only completed last Friday and I am so VERY VERY grateful to her because without her hard work and total efficiency it could have been a very different story considering the news of today, and the impact it is having on the house sales market.Her fantastic services were reasonably priced and I would recommend Lennons and Ros to anyone looking for a fantastic local solicitor to help in the sale or purchase of any property.Thank you so much.Kate

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Pip H

18:12 29 Feb 20

We recently completed on the sale and purchase of our home and Ros Nolan carried out our conveyancing work. For a number of reasons, the transaction was rather long and protracted, so we were pleased to have Ros as our lawyer and very impressed with her readiness to go the extra mile. She was always easy to contact and ready to talk through any issue that concerned us. This is the second time Ros has acted for us and it felt like having a good friend 'in our corner’ helping to smooth out the problems and bring us to completion. Thankyou Lennons for a job well done!

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Ben Mansfield

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I used Rezaul Haque at Lennon's for a business contract and found them to be very efficient and excellent value for money. Great communication throughout the process. I would highly recommend.

nadia malik

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We had an amazing experience working with Rezaul. Very honest and upfront. Very keen to help and very prompt with all responses and any questions we had taking over the lease of a new shop. Thank you for all your help and friendly advice. Would definitely recommend.

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19:27 16 Dec 19

I could not have asked for a better conveyancer than Ros Nolan at Lennons to help me through my first house purchase. From the first abortive purchase through to completion on my new home, Ros has been diligent, helpful, friendly, and highly competent. A massive thank you to both her and Diane for all their hard work.

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Andrew king from Lennons Solicitors is excellent at what he does. Having conducted research around various firms based upon expertise and reviews I opted to instruct Lennon's Solicitors. My point of contact was Pauline Barber who took my initial information. I was then referred to Andrew in respect of a sensitive property / probate matter, which was a very stressful situation for my mother. Suffice to say Andrew was personal but professional in his approach, explaining everything in a way you can understand, whilst providing clear options in how to progress matters. He was helpful in resolving any queries and concerns which were raised. This not only helped me tremendously in obtaining the correct information he required but it also made matters stress free and easy for my mother to understand. Pauline assisted in proceedings when Andrew was not available and all messages left received prompt responses by both Pauline and Andrew. Overall Lennon's were selected for their reputation and expertise in the field i required. Suffice to say Lennon's did not fail to deliver and Andrew is a damn good solicitor, who I would recommend 100%.

Rachel Moore

12:50 16 Oct 19

I've used Todd Bowsher for buying/selling property twice now and both times have been straight forward and stress-free. It became apparent to me in buying my latest flat the importance of having a good solicitor and I can't recommend Todd, and Lennons, highly enough.

Bob Falana

12:21 14 Oct 19

Dear Todd, having worked with you on a number of property purchases over the last few years, I am delighted to offer my feedback. You are a pleasure to work with, Always returning my calls and keeping me informed throughout the process. You make what could be a stressful time much easier and calmer, your advice has been valuable and accurate for sticky moments in the process. Thank you for a great service at a great price.Kind regards - Bob

Scott Hamilton

10:35 02 Oct 19

Lennons worked on a commercial lease for me. They performed this task quickly and efficiently. Easy to work with.

Martin Nash

14:50 01 Oct 19

Ros at Lennons recently acted for me with a house purchase. Excellent service, she kept me well informed throughout, the process, seemed really knowledgeable and chased things along when necessary. Would highly recommend. Competitive fee for a quality service. Thanks Ros.

Susan Harris

11:04 26 Sep 19

I am very pleased that I instructed Rezaul from Lennons in Amersham to undertake some conveyancing work for me in relation to my business. Rezaul communicated well and always kept me informed about how the process was going, along the way. He was also very easy to get along with and available to answer any questions. I will certainly use him for anything I may have in his expertise in the future!

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11:23 18 Sep 19

We had a great experience with Todd at Lennons. He did everything he could to move things along as quickly and as efficiently as possible as well as always been available for advice.

Dan Farrell

21:16 16 Sep 19

Efficient, diligent and understanding service from Todd and the team. We really appreciated the advice and accurate conveyancing service.

Adam Gibson

14:03 05 Aug 19

Ros Nolan was a pleasure to work with on the purchase of our new home. Her expertise and knowledge helped in maintaining an easy, smooth process. I'd highly recommend Ros' services to any other first time buyers.

Heidi Scully

18:49 26 Jul 19

I had never sold a house before and didn't know quite what to expect. Roz or Diane were always quick to answer the phone or emails. The whole process ran smoothly and I was always kept informed along the way how things were going. Thank you very much !

Kieran Byrne

14:29 28 Jun 19

I had the pleasure of dealing with Rezaul from Lennons in a couple of recent transactions, both residential and commercial. I found him to be extremely professional and knowledgeable. He was also tenacious in protecting my interests. Altogether my experience of using Lennons was excellent, I will use them again and recommend them to friends.

Alison Chauhan

11:32 25 Jun 19

Lennons Solicitors were highly recommended by 2 lots of friends and Lennons lived up to our expectations when selling a house in York via probate and some very technical aspects linked to Land Registry - we live in Bucks - and the whole process was very efficient and economic under Ros Nolan who proved to be a very safe pair of hands. We were fully kept in the picture throughout the process with an outcome we were looking for. We will appoint Lennons for legal services in the future and would recommend Lennons to others as well.Alison an Bal Chauhan

Sarah Quane

11:54 19 Jun 19

We were recommended to use the services of Ros Nolan when selling our house in Chesham. Really grateful that we took the advice as compared to some of the solictors in the chain, Ros was always readily available to speak to us, replied to emails promptly and gave us really good advice throughout the process. So much so, we have instructed her to act for a purchase on our sons behalf and again, Ros is readily available and gives our son, as a first time buyer, lots of time and reassures him whenever he has a question or query. Top marks for communication which when both buying and selling, is imperative. Highly Recommend

Chris Barrett

15:31 17 Jun 19

Rezaul dealt with the conveyancing of our residential property. As first time buyers, we were kept informed throughout the process and exchange and completion were almost seamless. Many thanks for a smooth process, highly recommended.

Valerie Gollar

15:53 05 Jun 19

Details of this firm appeared on line when I was researching a Land Registry form. After using their chat line I received a call back from Mike Wragg and was given the information I required, and which I had been unable to access from the Land Registry site. Excellent advice and would definitely recommend.

Early New Business

09:41 22 May 19

Rezaul Haque did a great job for my family, purchasing the Freehold of their property. Rezaul acted in an efficient, timely fashion, with a very professional manner at all stages of the transaction

Dick Tillett

14:24 25 Apr 19

Rezaul Haque has been a great help in what has been a difficult time. He has been very quick at returning phone calls and emails. He handled my commercial property lease efficiently. I would not hesitate to work with him again and I would happily recommend Lennons.

Giles Leather

11:44 15 Apr 19

Rezaul Haque was extremely professional and worked relentlessly to ensure a good result for all concerned. Thank you.

Victor Surana

20:36 14 Mar 19

Professional service by first class solicitors. Ros Nolan did a fabulous job on sealing the deal for our first property. She is a thorough professional who exceeded our expectations. It was a very assuring experience as Ros always kept us updated on the progress and proactively completed the paperwork well within the timelines. Overall, thanks to Ros, our expectations were exceeded. Will not hesitate to recommend her for all your legal works.

Rich Perfumerie

13:11 27 Feb 19

Rezaul did a fantastic job with our commercial lease.Wouldn’t hesitate to use him and Lennons againHighly recommended

Innervision 1

10:29 11 Feb 19

Rezaul Haque from Lennons dealt with the lease on our new office. He was efficient, thorough and most professional despite some trying circumstances. He made my job that much easier. Thank you.

Matt Crisp

17:21 29 Jan 19

Rezaul did a fantastic job on our corporate share holders agreements, great guy, great work, Many Thanks!

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