It is important not to let the time remaining on your Lease to drop too low. You may not be aware of your right to apply for a Lease Extension from your Freeholder or Landlord under S42 Leasehold Reform, Housing and Urban Development Act 1993.
Your Lease Extension will be for an additional 90 years, and reduce the ground rent payable to a peppercorn. This is merely a token acknowledging the new agreement, and in reality, no ground rent is paid.
Providing that you have owned the property for at least 2 years, you may be entitled to serve a notice on your Landlord. This notice should include:
· Your name and address of the property;
· The premium you propose to pay for the Lease Extension;
· The name of any appointed Solicitor to act on your behalf; and
· The date by which your Landlord must serve any counter-notice.
We can assist you by serving notice on your Landlord on your behalf, negotiating on any counter-offer and dealing with the formalities of registration with the Land Registry.
If you believe you are entitled to a Lease Extension or would like any further information, please do get in touch on 01525 712112 to obtain a quotation for the same.