Statutory Route Lease Extensions

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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

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  • Lesful.

Disadvantages of statutory route lease extensions

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  • Anyue higher the premium will be if it is cancelled.
  • Theaseholder

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