By Carol Fletcher
“When a landlord grants a lease it is for a fixed number of years and once those years have completely elapsed the lease ends and the property reverts to you as the landlord.
A tenant can seek to extend their lease on a voluntary basis with you, but this will only be possible if you can both agree on the terms including the new term, rent and what will be the premium they pay to you for the new lease.
If you decide against doing a deal with the tenant, you may be forced to grant the tenant a lease extension and this is called a statutory lease extension.
Your tenant must have owned their flat on a long lease for at least 2 years. They then need to appoint a specialist solicitor and obtain a valuation of how much it is likely to cost to extend their lease
If they qualify for a lease extension then they will be entitled to a new 90 year term, nil ground rent and all other terms of the new lease to be the same as in the existing lease save for any modernisation”
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