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


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.


    Did you find this answer helpful?

    Curzon Green Solicitors

    Did you find this answer helpful?

Can you help with this question? Provide an answer and receive contribution points to help promote your firm.

CANCEL Please ensure your response adheres to our community guidelines before posting.

You might be interested in these questions


Posting a question is completely free and we have qualified solicitors ready to help you. To get started simply click the link below.

Find a solicitor

Find a solicitor

Use our find a solicitor service to find and compare the best Conveyancing & Property solicitors from around the UK. Narrow your search down to a particular town or county to find local solicitors that practice Conveyancing & Property law.

View Solicitors
The ultimate guide to hiring a solicitor

The ultimate guide to hiring a solicitor

Hiring a solicitor for any legal issue can feel quite daunting. It is important that you make a good decision, but you may not know what to look for and how to chose a solicitor that is right for you. To help make the process easier, we have created the ultimate guide to hiring a solicitor. We have highlighted some of the key considerations you should take into account, as well as some handy tips to help make finding and choosing a solicitor both stress and hassle free.

Read More
  • This month
  • All time
  • Hambleton Willwriting Ltd

    Hambleton Willwriting Ltd


    2 Answers