Leasehold Extension - Valuation
An outline of the valuation principles to determine the price for extending a lease of a flat under the Leasehold Reform Housing and Urban Development Act 1993.
Generally, you will be a qualifying tenant, if your lease was more than 21 years when was originally entered into and you have owned your flat for 2 years.
However, even though you may be a qualifying tenant under the law, there may be other restriction that may prevent you from extending your lease.
This would be the case if your freeholder is the Crown, National Trust or part of a building within a cathedral precinct.
If you believe that this is your case then you may consider obtaining some specialist advice before you proceed.
Shared ownership leases will not qualify unless they have staircased to 100%.
Lease extension can be a difficult process. We recommend you get professional help from a solicitor and surveyor with experience in this area.
More information you might find useful:
- How long do I have to wait before I have the right to extend my lease?
- Lease Extension – Getting Started
- More Frequently Asked Questions on Lease Extension
- Lease Extension Calculator
- Lease Extension case law
Still not found the answer?
Contact LEASE to have your enquiry dealt with by one of our experienced advisers