There is no right or wrong answer to this question as it is initially circumstance dependent. However, before the lease has less than 80 years remaining is a good time to extend, as it will avoid the need to pay ‘marriage value’ in the calculation of what is payable to the landlord to buy the new lease (which is a …
How can I extend my lease?
There are two ways that this can be done. The first is to carry out a lease extension under the 1993 Act (provided you qualify, having owned the property for at least 2 years). Provided that this is the case you will have the right to add 90 years to the unexpired term of your existing lease. For instance if …
How do I calculate the premium payable to extend my lease?
There is statutory method set out in schedule 13 of the 1993 Act which shows how the lease extension premium will be calculated if you are buying a plus 90 year extension on top of the existing term of your lease. This applies under the 1993 Act only. This is not so much of a ‘formula’ as an approach to …
Can the landlord insist on making variations to the lease in a lease extension?
I am undertaking a lease extension. Can the landlord insist on making variations to the lease? The short answer to this is ‘yes,’ if the variations are necessary modernisations and the extension is being carried out under the Statute. The 1993 Act implies certain provisions will have to be included in the new lease (these relate to the landlord’s right …