Lease Extensions
The formal procedure for a lease extension is started by the service of the Tenant's Notice on the landlord.
Below are some useful articles on lease extensions...
Articles in this category
The right provided by the 1993 Leasehold Reform Act (as amended) is for the grant of a new lease for a term of 90 years, plus the present unexpired term, all at a peppercorn rent (that is, rent free).
The lease sets out the contractual obligations of the two parties: what the leaseholder has contracted to do, and what the landlord is bound to do. The leaseholder's obligations will include payment of the ground rent (if any) and contribution to the costs of maintaining and managing the building.
The marriage value is the increase in the value of the property following the completion of the lease extension, reflecting the additional market value of the longer lease.
Freeholders frequently asked questions when it comes to a lease extension:
