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Before extending your lease, it is important to understand the potential costs involved, such as the premium, valuation and legal fees. Calculating these figures will help you financially prepare before starting the process. 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 hold a long lease with an original term of at least 21 years have the legal right to extend their lease by 90 years with a peppercorn ground rent. It is recommended to hire a qualified legal representative to ensure the process is completed correctly.