Extending your lease

Why extend your lease

In almost all cases, your lease runs for 125 years from the date the first flat in your building was sold. This means there is likely to be at least 100 years left to run. The amount of time left is sometimes known as the ‘unexpired term’. At the end of the lease term, the landlord becomes the owner of your flat again.

We can give you general advice about extending your lease, but we cannot tell you what you might have to pay for it. This is because the valuer would charge us for looking at the lease and visiting the property.

Who can apply to extend your lease

To be able to extend your lease, you must have owned your flat for at least two years. You then have the right to buy a new lease for a term of 90 years on top of the number of years left on your existing lease at a “peppercorn rent” (this means that no ground rent is payable).

Your new lease will have very similar terms as the existing lease, subject to appropriate modifications.

You will have to pay to extend your lease, so you will need to think very carefully if it is going to be worthwhile doing this.

You can get advice and guidance from the Leasehold Advisory Service website.