Statutory Route Lease Extensions
The statutory lease extension process
Under Section 39 of The Leasehold Reform, Housing And Urban Development Act 1993 qualifying leaseholders have a statutory right to extend the remaining term on their leases. To pursue this route, leaseholders must proceed in accordance with the 1993 Act, which involves serving a formal notice on the freeholder and ulimtately making a claim to the First-tier Tribunal (Property Chamber).
The s method is called the statutory route lease extension. Usually Section 42 notices are not required, although sometimes a landlord will request one to initiate the agreement. However, more importantly, an expensive and time-consuming application to the Tribunal is not required.
Advantages of statutory route lease extensions
Disadvantages of statutory route lease extensions
- Anyue higher the premium will be if it is cancelled.
Genh paying a hhe Tribunal.