Can I extend the lease and how?
Yes — you can extend the lease on a leasehold property. Importantly, as of 31 January 2025, the requirement to have owned the property for two years before initiating a statutory lease extension has been abolished under the Leasehold and Freehold Reform Act 2024.
Two routes to extend a lease
1. Statutory lease extension (formal process)
- You can now initiate this process immediately upon acquiring the property, without the previous two-year ownership requirement.
- The extension provides an additional 90 years on top of the existing term.
- The ground rent is reduced to a peppercorn (effectively zero).
2. Informal lease extension (negotiated approach)
- This can be done at any time and may be quicker.
- However, terms are not guaranteed and may include:
- Higher premiums.
- Continuation of ground rent.
- Less favorable terms overall.
How we can help
At Versus Law, we specialize in lease extensions and can assist you with:
- Evaluating the best route for your circumstances.
- Serving statutory notices and managing the formal process.
- Negotiating favorable terms in informal extensions.
- Liaising with freeholders and managing agents.
Summary
With the abolition of the two-year ownership rule, extending your lease has become more accessible. Whether you choose the statutory route or negotiate informally, it’s crucial to understand the implications and ensure the terms are favorable. Our team at Versus Law is here to guide you through every step of the process.










