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Extending Flat Leases

The right to buy a lease extension from your landlord

Why should I extend my lease?

A long residential lease is a right to use a property for a given period of time and there are key points you need to be aware of:

  • 80 years of term remaining: once the term drops below this point you will pay more for your lease extension as you must also pay "marriage value."
  • Approximately 60 to 70 years of term remaining: banks generally will not lend on residential leases with terms less than 60 to 70 years remaining.
  • At any point of the term: you have the right to extend your residential lease term provided certain criteria are met and the amount you pay is subject to the valuation of your residual lease term and if you delay in a rising market you will pay a higher premium.

What are the basic qualifying criteria?

  • You must have a long residential lease.
  • You must have owned the lease for 2 years.
  • If you are buying a lease the seller may, if the criteria is met, serve a notice and you can take an assignment of the benefit of that notice.

What will it cost?

  • Please call to discuss.

How long will the process take?

  • See table.

process flowchart

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