How do I extend my lease?

1. How do I extend my lease? Under the Leasehold Reform Act (as amended) 1993, a leaseholder of residential property has a right to extend his/her lease for a term of 90 years, plus the residue of any unexpired term, and to reduce the rent to a peppercorn rent (effectively rent-free). This is known as a lease extension​. Since the introduction of the Commonhold & Leasehold Reform Act 2002 and Leasehold Reform Act (as amended) 1993, the residency test has been abolished, which means that a leaseholder now only needs to have owned the flat for 2 years before he/she can apply for a lease extension or participate in enfranchisement. They do not need to live in it to qualify. In addition, if they wish to sell their flat they can also sell on their rights under section 42 of the 1993 act so the new purchaser does not have to wait 2 years to qualify. Can I extend my lease? Provided certain criteria are met you could benefit from extend​ing the lease of your flat or house under the legislation. Even if you do not qualify for a statutory lease extension, ​you can still possibly negotiate with your landlord on an informal basis to agree to terms for a lease extension. Why should I extend my lease? A lease may be a depreciating asset. because the term of the lease decreases its value decreases and therefore the cost of extending the term becomes costlier. It can sometimes be difficult to sell a property with a brief lease because a mortgage provider may be reluctant to lend money against the short lease term. To extend your lease contact us without any doubt we are here to help you..!!! Contact us on: ​https://www.leaseholdvaluations.com/contact-us/ ​or call on: 01753 542984 ​or ​Email us on:​​enquiries@homereports.ltd.uk