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Statutory Lease Extensions

Have you owned and been registered as the owner of your flat for at least two years? If so, you are a potential qualifying leaseholder under the Leasehold Reform, Housing and Urban Development Act 1993 (“the 1993 Act”). The 1993 Act enables a qualifying leaseholder to serve a notice, known as a section 42 notice, on their landlord to acquire a lease extension. In return for a premium, the leaseholder will obtain a 90-year lease extension in addition to the unexpired term of the lease, and the ground rent will become a peppercorn (i.e. nil).

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This article is for general information purposes only and does not constitute legal or professional advice. It should not be used as a substitute for legal advice relating to your particular circumstances. Please note that the law may have changed since the date of this article.

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