I am entitled to a statutory lease extension having lived in my leasehold flat for 34 years.

16th Jul 2019

The freeholder still owes a bank money for the purchase of the freehold. Can this be given as a reason for refusing to grant a lease extension?

CATEGORY: Conveyancing & Property

LOCATION: GREATER LONDON

1 answer
  • Curzon Green Solicitors

     

    After two years of owning a leasehold flat, as the law currently stands, you will earn the right to extend the lease term by a further 90 years. There is a statutory process for doing so.  This advice is given in relation to statutory lease renewals; not those dealt with by negotiation.  When a lease is extended, it adds value to a property; in some cases, this can be a substantial increase. We strongly recommend that if you wish to extend the lease term, you do so sooner rather than later, as the longer you leave it, the more expensive it will be. There is a statutory formula for the calculation. When you extend a lease that has less than 80 years’ term to run, the landlord is entitled to half the increase in value of the property + longer lease (i.e. when married together) which exceed the combined value of their separate entities. The marriage fee is an estimate value provided by your surveyor and is part of the premium (offer) that a leaseholder makes to the landlord to purchase the lease extension.

     

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