Amanda Lee
Paralegal, Property Services

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Extending your lease

Extending you lease

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Amanda Lee
Paralegal, Property Services

amanda.lee@asb-law.com

Extending your lease

Extending a residential lease makes sense if you want to increase the value of your property - and be sure of being able to sell it when you’re ready to.

There are various alternatives open to you; which involve following established statutory procedures and which could give you a lot more control over the way your block is actually managed.

Extending your lease

The simplest option is to apply for an extension of up to 90 years (in addition to any unexpired term), and we can assist you through the process.

Buying the freehold

If you’re interested in taking control of your block, then as long as certain criteria are met, you have the right to join together with other leaseholders in the block to buy the freehold.  The legal term for this is collective enfranchisement.

If you’re successful in buying the freehold, you effectively become both landlord and tenant and can extend the lease on your property by granting yourself a new lease of up to 999 years.

Again, this process is governed by statute, and you will need to set up a freehold company or trust to do it.  You can find more information about setting up a company here - forming a freehold company.

Buying the freehold will give you control over the building and how it’s looked after, but it also comes with significant responsibilities, specifically managing the property collectively and ensuring that the freehold company is run according to the requirements of the Companies Act.

Our specialists can guide you throughout the procedure from issuing an initial notice to your landlord, to helping establish the company.

Amanda Lee, Paralegal, Property ServicesFor more information on buying the freehold and to start a conversation on the option that best suits you please contact Amanda Lee, Paralegal, Property Services.

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