How do you extend a lease?
A lease of a flat or maisonette can be extended either formally or informally. Once you have owned the property for more than 2 years you have a right to a lease extension, which can be formally exercised by serving a Section 42 Notice of Claim, which we can help you with. You can make an informal approach to your freeholder and negotiate without the need for a notice, and we can help with the valuation and negotiation.
Is it a good idea to extend a lease and when should you do it? Usually, it is always a good idea to extend a lease, as it protects the value of the property and you should do it as soon as you can, as the shorter the lease, the more expensive it is. Unfortunately, you normally cannot extend a lease for free, unless you take on a very big ground rent, which is never a good idea.