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if youre thinking about extending your lease its advisable to first understand how much it is likely to cost which can include the premium for the lease extension your valuation and legal fees and the freeholders valuation and legal costs if applicable calculating these figures will enable you to prepare financially in advance before starting the process once youre ready to proceed there are two ways to obtain a lease extension the formal statutory process and the informal voluntary process leaseholders who have owned their property for at least two years and who hold a long lease with an original term of at least 21 years have a legal right to extend their lease by 90 years with a peppercorn ground rent for the remainder of their lease this is provided by the statutory process set out by the leasehold reform housing and urban development act 1993 its advisable to employ a qualified legal representative in order to complete this process to ensure that notices are served correctly