Everyone who owns a leasehold flat and has been registered as the owner for more than 2 years has the right to extend the term of the lease.
The right is to add, to the remainder of the original term, 90 years. The right to extend also includes ending the obligation to pay an annual ground rent.
If you own a flat and there are 85 years or less remaining on the original term, it is best to extend it as soon as possible to avoid the cost escalating to level that could become unaffordable.
If you own a flat and are concerned about and/or interested in extending the term, then DW Solicitors has the professional expertise to help you, contact us on 01271 828728