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Hello I'm Sheet Meta I'm a senior solicitor in BBS residential conveyancing Department Elise is a right to use the property for a period of time as Elise gets shorter the value of the lease decreases, and it becomes more expensive to extend the lease that's why it's often a good idea to increase the term of the lease sometimes it's difficult to sell a property with a short lease because mortgage lenders may be reluctant to lend money on such properties a leaseholder can either extend their lease using the lease sold reform Housing and Urban Development Act 1993 if applicable or by private negotiation with their landlord when the lease drops below 80 years the premium to extend the lease increases because marriage value becomes payable marriage value is the increase in the value of the flat arising from the grant of the new lease it is therefore recommended that the lease is extended before it drops below 80 years generally you'll be a qualifying tenant if your lease was more than 21 years when originally granted, and you've been the registered owner of your flat for two years you should note however that if your freeholder is the Crown National Trust or part of a building within a cathedral precinct your flat might be excluded from the right to extend your lease but specialist advice should be taken share ownership leases will not qualify unless they have staircase to 100% assuming you are a qualifying tenant in all other respects you have the right to extend your lease once you've been the registered owner of the flat for two years you don't have to have lived there just owned it the right under the leasehold reform Housing and Urban Development Act in 1993 is to add 90 years to what is left on your existing lease for example if you have 75 years left on your lease you will be given a new lease of one hundred and sixty-five years alternatively you may be able to extend your lease to any number of years by negotiating with your landlord if you obtain the lease extension under the leasehold reform housing in Urban Development Act 1993 you will only have to pay a peppercorn rent which will mean no ground rent at all if you extend your lease by negotiation with your landlord you may still have to pay ground rent depending on what you agree to calculate the premium payable it's advisable to obtain a valuation from a qualified surveyor who specializes in this area where there is disagreement about what the lease extension should cost under the leasehold reform Housing and Urban Development Act 1993 it's possible to make an application to the first-tier tribunal the property chamber to determine the price yes there will be additional costs you'll be responsible for your landlords reasonable costs this is limited to legal and valuation costs for example the landlord's valuation legal costs of drawing up the new lease and checking your right to make the claim for a lease extension you do not have to pay the landlord's costs of going to a first-tier...