The recession does not necessarily mean all doom and gloom for flat owners with long leases. Leaseholders should take advantage of the low property values and seriously consider making a play to get their leases extended as, subject to a few exceptions, all long leaseholders who have held their lease for at least two years have the right to renew their lease.
The Leasehold Reform, Housing and Urban Development Act 1993 (“the 1993 Act”) allows tenants to extend their lease by 90 years in addition to the unexpired term of their lease at a peppercorn rental.
For further information regarding the advantages of buying your freehold or extending your lease, please click on the link below to view our latest newsletter
