Extending a lease on a leasehold property can be costly and time-consuming, which is why it’s vital to engage a law firm with in-depth knowledge of lease extension procedures. At Bennett Oakley, we have spent many decades helping clients extend their residential leases on properties across Sussex and Greater London.

Why Should I Extend My Lease?

As the remaining term on a leasehold property decreases, so does the property’s market value and the cost of a lease extension rises. Mortgage lenders may refuse to lend on properties with short leases, making them difficult to sell.

If your lease has between 83 and 81 years remaining, now is the time to act. Once a lease drops below 80 years, the freeholder becomes entitled to what’s called a ‘Marriage Fee’ — a cost calculated as 50% of the increase in property value following the lease extension.

Extending your lease before it drops below 80 years can help you avoid this significant additional cost.

Do I Qualify for a Lease Extension?

Under the Leasehold Reform, Housing and Urban Development Act 1993, most leaseholders are eligible to extend their lease if:

• They were granted a long lease (21 years or more).
• Technically, a new lease is created under the Act. The leaseholder surrenders the existing lease and is granted an additional 90 years, meaning a lease with 85 years remaining would become 175 years in total.

What Is the Process of Extending a Lease?

You can either approach the freeholder informally or go through the statutory route outlined in the 1993 Act. While many freeholders are open to informal discussions, these often come with higher quotes and unfavourable terms such as increased ground rent.

It is highly advisable to instruct a specialist lease extension solicitor to manage the negotiation and ensure your rights are protected.

One major advantage of the statutory lease extension process is that it reduces ground rent to zero (peppercorn rent) for the remainder of the lease term.

If an informal agreement cannot be reached, , you can initiate a formal lease extension by serving a Section 42 notice on the freeholder. This is a complex process that requires careful preparation. At Bennett Oakley Solicitors, our team can handle the process from start to finish, ensuring your notice is correctly prepared and served.

Please note: you will be responsible for the freeholder’s reasonable legal and valuation costs.

Book Your Lease Extension Consultation

Call us today to speak with one of our experienced lease extension lawyers and explore your options.
Whether you’re considering a voluntary (informal) lease extension or a statutory (formal) route, it’s essential to have an expert in your corner. Our fixed-fee lease extension services provide complete transparency, so you’ll know your costs upfront.

We offer an initial consultation for £100 + VAT, which will be deducted from your final bill if you proceed with instructing us.

If you are a leaseholder looking to extend your lease, or a freeholder responding to a lease extension request, contact Bennett Oakley Solicitors today to benefit from our expertise.