Read: Living in a Leasehold Property where the clock is ticking on the lease?

Owners of leasehold flats may want to extend their lease, particularly if it has less than 80 years to run, after which it can become increasingly expensive to extend and it might be more difficult to sell the property, due to mortgage lender requirements, until the lease is extended. It is normally possible to agree a lease extension with the owner of the freehold, however the “Leasehold Reform Housing and Urban Development Act 1993” gives the right to extend a lease and provides the formal statutory procedure for doing so, subject to meeting eligibility criteria.