Understanding Leasehold and Lease Extensions

• Leasehold properties are considered "diminishing assets," meaning their value decreases as the lease gets shorter. Once the lease has 80 years or less remaining, selling the property can become difficult.

Your Right to Extend Under the Leasehold Reform Act

• The Leasehold Reform Housing and Urban Development Act 1993 grants leaseholders the right to extend their lease by 90 years with no ground rent if they’ve owned the property for at least two years.

The Step-by-Step Guide to Extending Your Lease

• Ringley offers a detailed E-book outlining the steps to extend your lease, including getting a valuation, serving a notice to the freeholder, and negotiating the price.

Valuation and Negotiations

• A professional valuation is necessary to agree on a fair price for the lease extension. Ringley Chartered Surveyors can assist with this process. If price negotiations with the freeholder fail, Ringley can help take the case to the First Tier Tribunal.

Legal Support and Finalizing the Extension

• Once an agreement on the lease extension price is reached, Ringley’s in-house legal team will handle all necessary legal work to complete the process.

Additional Resources

• For further assistance, Ringley’s friendly staff are available to help, and the Leasehold Advisory Service also provides useful information on lease extensions.