Applying For A Lease Extension: The Basics
The process of enabling flat owners to obtain a lease extension is one that is undertaken on a regular basis. However, it is a fairly complex and technical area of law and as such should be treated as something that requires specialist legal advice.
There is no point in employing a generic solicitor or lawyer to ensure that the lease can be extended; legal representation with specialist knowledge of leasehold extension is preferable.
The major criteria you must satisfy to qualify for a lease extension is that your flat must have been awarded initally as a long lease, which means for more than 21 years. You must have owned the property for at least 2 years. You cannot therefore purchase a flat one month and then immediately apply for an extension in the next month.
You may read that you need to be resident within the flat. This was previously part of the criteria for extension, however residency is no longer an issue, the only question lies in the ownership.
But although the two reasons above are the basic 'qualifications' for being able to apply for a lease extension, there are other qualifications that are less well known. However, it is also possible to gain an extension with a short lease if certain other criteria are satisfied. A shorter than 21 years lease may well be acceptable for a leasehold extension if the lease contains a clause that provides the leaseholder with the right to 'perpetual' renewal. But this needs to be an explicit clause within the lease.
If there is a 'Prince of Wales' clause in the lease then this may allow a shorter lease to qualify for an extension. This provides that the lease will have the ability to be terminated upon either death or marriage or at a non-specified date.
The last situation where you could get away with a short lease extension is where you are dealing with shared ownership and the leaseholders share is actually 100%.
It is possible for a leaseholder who had held over a lease past the expiry of a long lease and has yet to receive notice of termination from the competent landlord to gain a lease extension.
Thus there are various situations where a leaseholder can apply for a leasehold extension and any leaseholder who is interested in applying for a lease extension should explore all possibilities with regard to qualifying criteria.
About the Author
Thinking about a Lease Extension (http://www.enfranchisementsolicitors.co.uk )? Contact Bonallack & Bishop - specialist Leasehold Extension Solicitors. Tim Bishop is senior partner at the firm, responsible for all major strategic decisions. He has grown the firm by 1000% in 13 years and has plans for further expansion.
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