Extending your lease
If you are a leasehold flat owner, you are currently entitled to extend your lease by 90 extra years (i.e. on top of your existing term). These types of valuations fall within the Leasehold Reform, Housing and Urban Development Act 1993 (as amended). A statutory lease extension also sets your ground rent to zero.
Leasehold law will be changing. The Leasehold and Freehold Reform Act gained Royal Assent on 24 May 2024, but it is not yet in force. There are number of changes that will be beneficial to leaseholders, namely 990 year lease extensions, abolition of the two year qualification rule, the end of marriage value for leases under 80 years and the ability for landlords to recover their costs from tenants.
We do not yet have a definitive timeline on when these changes will come in, but we have indications that some could be in by 2025 / 2026 and others not until 2028. There are key parts of the valuation method which we also do not yet know, and this adds to the uncertainty. We also do not know if there will be any legal challenges along the way.
Because of this uncertainty, it may be hard for you to decide whether to go ahead or wait for a lease extension. Our expert valuers are here to talk you through your individual circumstances, please call us on 01273 201980.
“The service is superbly professional and reliable and, having benefited greatly from cost-effective and successful lease extensions in Brighton and Hertfordshire, I wouldn’t use anyone else.”
Mr R.S., Seaford
Lease valuation surveyor
If you are concerned about your lease or are interested in extending, we can offer you clear and professional valuation advice, including how to approach the Freeholder on an informal basis. We can always check the exact remaining term for you at Land Registry.
We also act for a substantial number of Freeholders and so if you have been approached by one of your flat owners for a lease extension, please contact us for expert valuation advice to ensure you are receiving the right premium. The valuation basis constantly evolves as a result of market conditions and of precedent cases in the Tribunals.
Please contact our leasehold department for a free preliminary consultation on 01273 201980. Alternatively, you can request a call back from our team on this page.
