An individual lessee's statutory right to extend their lease by an additional 90 years at a zero rent. There is also a similar right for the lessee of a house but the maximum period is 50 years. The basic qualifying criteria are that the leaseholder must have a long lease (i.e. not less than 21 years) of a flat or a house and must have owned the property for at least 2 years.

However, this can be circumvented on the sale of a property as this is a right that can be passed on by a seller to a buyer.

The process is started by serving a formal notice on the landlord. A substantial amount of work needs to be carried out before the process is started. We can advise on eligibility and on getting the process started. It is also advisable for lessees to appoint a valuer before starting the formal process to advise on price and prepare worst and best case price scenarios at the outset.

The advantage to the leaseholder is that of course they will acquire effectively a new long lease of the property. Lease extensions are a very useful option where leaseholders of flats do not meet the basic qualifying criteria to purchase the building e.g. an insufficient number of tenants.

We have extensive experience and expertise in this field. We also have a large property department that are able toprepare the required documentation quickly and efficiently. We have excellent relationships with several firms of leading surveyors and Counsels who specialise in this area. We are conveniently situated close to Chancery Lane in Central London, which is also close to the Courts, Counsel's chambers and specialist property tribunals.