Subject to satisfying certain qualifying criteria, owners of flats who have owned their property for a period of 2 years are entitled to a lease extension of 90 years plus the unexpired term of the existing Lease.
There is legislation which sets out the process by which the flat owner can acquire the new Lease. A premium will be payable for the new lease and this premium is usually calculated by the qualified surveyor.
If you are in this position and wish to obtain a lease extension, you will require legal advice. Contact our expert Lease Solicitors for guidance.