We could act for either the leaseholder or the freeholder. Windrush Associates specialises in the valuation and negotiation required for residential lease extensions.

The Leasehold Reform, Housing and Urban Development Act 1993 gives the leaseholder – also known as the tenant or lessee – the right to extend their lease by a further 90 years, without payment of any further ground rent. The freeholder (often referred to as the landlord) is legally obligated to comply with this request, depending on three criteria:

• The property must be a flat
• The leaseholder has owned their flat for at least 2 years
• The lease has an original term of at least 21 years

It is particularly important for leaseholders to act upon extending their lease when the unexpired lease term is approaching 80 years, as this is when the costs involved begin to escalate.