It’s possible that you are either buying a property with short unexpired term of years left or have owned a property for a long time and wish to increase the length of least to more acceptable term in order to add value.

Under the provisions of the Leasehold Reform, Housing and Urban Development Act 1993 ("the 1993 Act") qualifying tenants of flats have a right to the grant of a new lease at a "peppercorn rent" (i.e. of no monetary value) on payment of a premium to the landlord. The term of the new lease will be for a period of 90 years plus the unexpired term of the existing lease.

A person is a qualifying tenant if he or she is a tenant of a flat under a "long lease", i.e. one that is granted for more than 21 years.

To qualify for a new lease, a qualifying tenant must have owned the flat for a minimum of two years. There is no residence qualification, so the right is open to both owner/occupiers and investors alike.

The right to a new lease is an individual right. It is therefore not necessary for the leaseholders in a building to form a group before the right can be exercised.

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