This is the process of the current leaseholder getting permission from the freeholder to extend the length of their leasehold term. Under the Leasehold Reform, Housing & Urban Development Act 1993 a leaseholder now has a statutory right to extend the lease on their flat by an additional 90 years, which cannot be unreasonably refused by their landlord – though there is a charge for this.
What is a lease?
A lease is effectively a long term tenancy which is normally held over a flat. A residential lease is normally initially granted for a period of 99 to 125 years. If you don’t extend your lease, then it will simply expire and the interest in the flat will revert back to your landlord. This means that you have no lease to either extend or sell in the future.
What are the differences between freehold and leasehold interests?
A leasehold interest is a long term tenancy granted for a set period of time. During this time you will have the right to live in and have undisturbed use of your property. However inevitably the lease will come to an end and at the end of this period the ownership of the building will revert back to the landlord or the ‘freeholder’. It is common for leaseholders to pay a ground rent (a monthly amount of rent) to the landlord. In addition the leaseholder is liable to pay service charges which will normally cover any maintenance to the building. Flats and apartments are usually leasehold properties – houses are usually freehold, though you do come across the occasional leasehold house.
A freehold interest is the ownership of a property and the land it is situated on. The only restrictions as to what you can do with your property are found in law and are exercised through the local authority (such as planning permission granted by the local council).
How can I take a physical look at my lease?
You can obtain a copy of your lease from the Land Registry or your mortgagor. You may incur a fee in doing so. Ask your solicitor for more information on how to request this service.
Thinking of trying to extend the lease on your flat? Talk to us today
We help hundreds of people with their lease extensions up and down the country every year, easily taking instructions by e-mail and phone. So, wherever you live, if you want to join the thousands of people we have helped to extend their lease, contact us today.
- call us free on FREEPHONE 0800 1404544 or
- email us using the contact form below
Comments or questions are welcome.