Statutory lease extension
Statutory lease extension is a legal process through which a leaseholder can increase the number of years remaining on their lease. For a house, this will be under Part 1 of the Leasehold Reform Act 1967, or for a flat, under Chapter 2 of Part 1 of the Leasehold Reform, Housing and Urban Development Act 1993. The nature of the statutory lease extension is also likely to be impacted by the Leasehold Reform (Ground Rent) Act 2022.
A voluntary (or ‘non-statutory’) lease extension on the other hand is a process which is followed to increase the number of years remaining on a lease, without needing to follow the exact steps as set out in the law, these too are impacted by the Leasehold Reform (Ground Rent) Act 2022.
For further information visit Leasehold Reform (Ground Rent) Act 2022: Guidance for leaseholders, landlords and managing agents.
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