Extending lease - wait for 2 years or appeal to freeholder?

Edtough

I've recently completed on a flat with an 87 year lease. I want to extend this lease, but should I wait 2 years giving me a right to extend, or appeal to the freeholder and try to extend before the 2 years? What are the pros and cons?

And if I wait the 2 years, can I get the ball rolling before the 2 year date, or can nothing be started until the 2 years is up? What is the procedure?

eddddy

You can propose a price for a lease extension to your freeholder at any time - or ask your freeholder to propose their price.

The freeholder might decline to extend or ask for a 'silly' price.

If you wait 2 years and follow the statutory process, the freeholder can't decline and a statutory formula is used to determine the price.


A statutory extension adds 90 years to the term and reduces the ground rent to zero. Aim to get those same terms if you negotiate before the 2 year mark.

economic

did the previous owner not own it for 2 years at least themselves? if they did own it for more then 2 years then they could have easily passed on the right to you so you dont have to wait 2 years. however this would have been done at the coveyancing stage so its too late now.

Edtough

So roughly how long does this take if following the statutory process? Are we talking days/weeks/months? Does it rely on responses from freeholder or other parties?