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How to Share Lease Extension Agreement

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hi it seems that one of my recent newsletters has caused a little bit of confusion out there one of my customers jess got in contact and said how is this leasehold reform bill going to affect lease extension so theyre going to be cheaper theyre going to be more expensive is there going to be a bargain well the newsletters i sent out referred to the leasehold reform brackets ground rents close brackets act 2022 and that act is going to abolish ground rent for all new leases and for lease extensions now statutory lease extensions already had a zero ground rent so no change there but in terms of detail here the act means that on lease extensions there will not be ground rent for the extension period of a lease but there could be the existing ground rent for the existing term of the lease now it may be that the freeholder is willing to change that situation and have no ground rent from now on that would be a matter for agreement um but its not affected by the ground rent act thats jus

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Got questions?

Below are some common questions from our customers that may provide you with the answer you're looking for. If you can't find an answer to your question, please don't hesitate to reach out to us.

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What are the rules for extending a lease?

The Leasehold Reform, Housing and Urban Development Act of 1993 gives the leaseholder a right to extend their lease by a further 90 years once they have owned the property for 2 years, however, a buyer may take advantage of the Sellers period of ownership and avoid waiting for 2 years.

Can I make alterations to a share of freehold?

Again, it depends entirely on the wording of the flat lease. If the lease contains wording to the effect that the freeholder cannot unreasonably withhold consent, then the co-freeholders cannot refuse to consent to improvement works.

What is an extension of lease clause?

(a) Lessee is hereby granted and shall, if not then in default under this Lease, have an option to extend the term of this Lease for an additional twelve (12) months (the Extended Term) on the same terms, covenants, and conditions contained in this Lease, except that the rent to be paid by Lessee to Lessor shall be

How do I extend my freehold?

Process for lease extension Check whether youre eligible to extend the lease on your property. Inform the freeholder that you intend to apply for a lease extension via the statutory route. Appoint a solicitor for your case. Get a full valuation for your leasehold property.

How do I extend my lease on a share of freehold?

How do I extend my share of freehold lease? Most share of freehold property owners will extend their lease by way of an informal lease extension, which means they will agree on the length, premium and terms of their lease extension with the other freeholders.

How do I extend my lease on shared ownership?

Shared ownership leases do not qualify for lease extensions unless you have staircased to 100%. You will normally need to appoint a valuer and a solicitor to extend your lease.

Does share of freehold have a lease length?

Once you have share of freehold, you are able to extend your lease for free usually up to 999 years. This is only as long as the other co-owners of the freehold agree. You will also have to pay legal fees to extend your lease.

Do freeholders have to extend lease?

There is no obligation on the freeholder to respond or to agree to extend the lease following this request. If the freeholder agrees then both parties will have to negotiate. It is worth starting the process informally as it could save time and money.

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