Lease extension in relation to flats

Tenants of most long leases of flats have: -

• A collective right to acquire the freehold; or
• An individual right to be granted a new lease for a term equal to the unexpired residue of the existing lease plus 90 years, at a peppercorn rent and otherwise generally on the same terms as the existing lease. A premium is payable.

A tenant has a right to a lease extension if:

• The lease is a long lease (generally a lease granted for a term of more than 21 years, although certain other leases also qualify).
• The tenant must have owned the lease for at least two years before serving the notice requesting a lease extension.
• The landlord must not be a charitable housing trust providing the flat for the purposes of its charitable functions.
• The lease must not be a business tenancy within part II of the Landlord and Tenant Act 1954.