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Before extending your lease, it's important to understand the costs involved, including the premium, valuation, and legal fees. There are two ways to extend a lease: the formal statutory process and the informal voluntary process. Leaseholders who have owned their property for at least two years with a lease term of 21 years have the right to extend by 90 years with a peppercorn ground rent. It is recommended to hire a qualified legal representative to ensure the process is completed correctly.
