A voluntary lease extension simply involves you and your landlord agreeing to a new lease between yourselves. This is often quicker than a statutory lease extension, but you could run into difficulties if your landlord charges you hidden costs, or slows down the process in any way.
If you’ve owned a leasehold flat for at least two years, you have a statutory right to extend the lease. You can use this right to make a statutory lease extension if a voluntary lease extension isn’t possible, or if the landlord isn’t offering you fair terms.
When you start a statutory lease extension, you’ll need to decide how much money to offer your landlord as a premium for extending the lease. We’ll send them your offer in a formal notice.
Your landlord will have two months to either accept your offer or suggest a counter-offer. You and your landlord will then have up to six months to agree on the premium and the terms of the new lease.
Our specialist solicitors can advise what type of lease extension is best for you, and guide you through the processes from start to finish.