A guide to leasehold retirement living
Lease extensions for retirement housing
Leaseholders of flats have, in most cases, the absolute right to extend their lease under the provisions of the 1993 Act.
If your lease is reaching the end of its original term and you are concerned about the diminishing value of your flat, you can require the freeholder to grant you a new lease of 90 years, in addition to your present unexpired term, at a ‘peppercorn’ or negligible rent.
The procedure is similar to that for collective enfranchisement – a notice served on the freeholder making a formal offer for the new lease – and the premium is fixed by reference to the legislation.
- Last updated:
- 9 January 2025
- Next review:
- 22 December 2026