How to Extend Your Lease

Being prepared is one of the key aspects to succeed and avoid issues such as leasehold scandals. Therefore, knowing how things are done is always helpful in some way. Subsequently, you might be familiar with the whole process of issuing a lease; however, extending it may seem unfamiliar. Below you will find detailed information on how extending a lease works both for a flat and a house.

Extending Your Lease for a Flat

Flat lease extension is possible after a two year stay in the flat with a condition that the original contract ensured the flat being leased is on “long lease” basis. If so, you have the right to extend your lease by up to 90 years and negotiation on new terms and conditions would be enabled. Also, a flat fee defined by an agreement between the leaseholder and the freeholder is paid. However, the latter has the right to refuse your offer of extending the lease, in response to which, you can take the case to the court.

Extending Your Lease for a House

The process of extending a lease for a house is similar to that of a flat. Your house must originally be based on a “long lease” basis and that you have lived in it for two years already. However, you have the right to extend your lease by roughly 50 years and a flat fee is not required for you to pay. The risk of the freeholder not accepting your extension would still be present, as well as your right to challenge them in court. One exclusive aspect of extending a lease for a house is the fact that your house might be a converted one, which then would fall in the category of flats; therefore, professional assistance is needed especially to stay away from leasehold scandals.