Can I extend my lease?
If you have owned your property for at least two years it is likely you will have the right to extend your lease. If you meet the criteria, you will be able to buy a new lease which will expire 90 years after your current lease expires.
3 steps to extending your lease
- To begin the lease extension process you must serve us with a Section 42 notice which is a confirmation of the premium amount you are willing to pay.
- On receipt, we instruct our valuer to calculate the premium. Leasehold Operations are unable to advise on the valuation of your property.
- After receiving the valuation, we provide our Section 45 counter- notice, which either accepts or counters the terms of your notice.
Please note that you are required to complete your lease extension within six months from the date of our Section 45 notice. Should this matter not complete within six months, it will be withdrawn and you will be unable to re-apply until 12 months have elapsed from the date of withdrawal.
How much am I likely to pay?
Please note that Leasehold Operations are unable to advise on the price of your lease extension. We recommend you visit Leasehold Advisory Service for independent advice (opens new window).
Our fees include:
- £200 administrative fee
- £350 valuation fee
- £102 lease plan fee
- the solicitor’s actual costs, which are set at £1,300 but may increase if the matter becomes protracted