Since 1993, once a leaseholder has lived in a property for two years, and if the remaining lease has less than 80 years left, then the Leasehold Reform Act gives a tenant the right to negotiate a new 90-year lease extension plus the existing unexpired term.

This procedure can take several months and has to follow a specific route, so the services of an experienced residential conveyancing solicitor are vital to ensure an efficient transaction.

The need for obtaining a lease extension becomes more critical as the length of remaining lease reduces because it will become more expensive to obtain an extension as the years go by and the re-sale value of the lease will decrease.

When a leaseholder seeks to extend a lease, he has to pay the freeholder ‘marriage value' and this amount will rise depending on the shortness of the lease.

Many lenders will not grant mortgages for leasehold properties with short leases remaining – 60 years or less - so that is another reason to arrange a lease extension as soon as possible.

Before starting the formal procedure for granting a lease extension with the service of a Tenant's Notice on the landlord, the tenant should obtain an up-to-date valuation of the property and instruct a solicitor to act for him.

Once a Tenant's Notice is served, there will be deadlines to be met and the tenant will be liable for the landlord's fees regardless of whether the lease extension is ultimately successful.

Using a specialist residential conveyancing solicitor such as Healys, of London and Brighton

Being a specialist branch of residential conveyancing, legal administration of a lease extension is best carried out by experienced lawyers, such as the solicitors at Healys in London and Brighton, who will help to smooth the passage of the transaction and ensure you can continue to have the security of knowing your home is yours for as long as you want.

We are happy to provide a quote for our services before beginning work so that you can budget for the fees and will explain everything in jargon-free terms. A member of our professional team is always at the end of a phone to ease any worries you may have.

Making the most of your rights as a tenant to obtain a lease extension will be efficient and swift with Healys, the residential conveyancing solicitors of London and Brighton.

As a first step to accessing our services, you can request a call-back via the website, email partner Kiri Kkoshi, telephone 020 7822 4148 or associate solicitor Darina Gowen telephone 01273 669 115