what is a statutory lease extention

The privilege is to add 90 years to what is left on the current rent at a "peppercorn lease" (this implies no ground lease is payable). For instance, if the present rent had 70 years left to run the new, expanded rent would be for a long time

Get some residential lease extension regarding purchase freehold.

The Landlord is qualified for a premium (the cost) for the rent expansion and this depends on an equation set out in the significant Act.

The Act giving the privilege is the Leasehold Reform Housing and Urban Development Act 1993 (as altered by resulting Acts).

This counsel control manages a leaseholder`s statutory appropriate to broaden their rent. As an option, it might be conceivable to arrange a rent augmentation with your Landlord on whatever terms you can concur.

On the off chance that you go down the arrangement course there are no guidelines and the landowner could decline to broaden your rent, or set whatever terms he loves. For instance, he may wish to build the ground lease as one of the terms.

In most cases, people tend to lose thousands over wrong lease extension advice, especially gegarding statutory lease extension.