Understanding Leasehold Property Rights

If you live in a leasehold property, you might not be aware that you can legally claim a 90-year extension of your lease without any increase in ground rent. This right becomes effective after you've been in the property for two years.

The Rise in Lease Extension Inquiries

As the property market becomes more unstable, inquiries about lease extensions have surged by 400% in the last year. Leaseholders are seeking advice, especially as more leases approach their expiration.

Why Lease Extensions are Critical for the Future

Mary-Anne Bowring of Ringley, a leading property specialist, notes that lease extension inquiries have doubled. With the property market softening, having a long lease will become crucial for attracting potential buyers.

Step 1: Get Equipped with Information

To extend your lease successfully, start by gathering essential documents. Find a copy of your lease agreement and check your current ground rents to ensure you know where you stand.

Step 2: Avoid Costly Pitfalls

Avoid the temptation of short extensions with high ground rents. You’re legally entitled to a 90-year extension without any ground rent increase, so make sure you choose the right option for long-term security.

Step 3: Register the Deed of Variation

After agreeing to the lease extension, your original lease doesn’t get destroyed—it’s extended through a deed of variation. Be sure to register the new deed with the HM Land Registry to update your property’s title.