About Leasehold ExtensionsA lease is essentially a contract that creates a relationship between a landlord and tenant. Where a landlord has an estate in the land, a lease will grant the tenant a leasehold estate in that land too. Both the terms of a lease and the way in which a lease can be ended are subject to regulation.Formal Process: Section 42The most formal way of extending your lease is through a Section 42 notice. This notice is essentially a formal request from a leaseholder to extend their lease on a property. As a leaseholder, you are able to serve a Section 42 notice if:You have owned the property for at least two yearsYour lease is a long lease (granted for a term of 21 years or longer)If you decide to serve a section 42 notice, then you must be aware that this notice must be complete with no inaccuracies. Any faults in this notice can lead to a freeholder applying to the court to have the notice dismissed. Should this occur, you are prevented from being able to apply agai...
