Lease Extentions in Kingston, Epsom & Ewell - Lewis & Dick Solicitors

• 26th October 2023
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If your lease has less than 70 years left, many mortgage lenders will require a lease extension. Additionally, be aware that the cost of extending the lease increases when it drops below 80 years, so even with 80-85 years left, you might want to consider an extension.

To qualify for a lease extension, you must have owned the property for at least 2 years. Here’s the process:
• Serve a section 42 notice, outlining your proposed price for the lease extension.
• The landlord has two months to respond to the notice.
• If no agreement is reached, there’s a 6-month window to apply to court for a price determination.
• If neither party takes action, the notice expires for 12 months.
• When an agreement is reached, the landlord must grant a 90-year extension at a nominal rent.

Need to have a chat? then call Jonathan Owens on 020 8393 0055