I can’t afford to buy the freehold of my house. Can I extend my lease instead?
Under the Leasehold Reform Act 1967 you may be entitled to an extension of 50 years. There is no premium payable for a lease extension of a house granted under the Act, however, at the start of the new 50 year lease the ground rent may increase to a modern rent. Advice should be sought on what the new ground rent may be prior to proceeding with the extension.
Buying the freehold 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:
- Houses – Qualification and Valuation
- More Frequently Asked Questions on Houses – Enfranchisement and Lease Extension
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