It should be noted that a person who has owned the property for at least two years will be entitled to demand a 90 year extension to be added to your existing lease from a freeholder. Ownership of property is a prerequisite for making an extension notice.
When making a lease extension action, you should contact a valuation Surveyor or a Solicitor who is competent in the legislation and with a good knowledge of the local property market for early advice.
A formal offer for lease extensions will then be made with an amount also offer. If the freeholder does not accept the amount you have offered. You will have to negotiate. Then if you still cannot come to an agreement, you will have to apply to the First Tier Tribunal (Property Chamber).
The importance of good professional representation in the procedure cannot be underestimated as they will carry out a valuation to assess the premium, advise the leaseholder on the offer to be made to the landlord in the Tenant’s Notice; to advise on the response to the landlord’s Counter-Notice; to conduct negotiations with the landlord on behalf of the leaseholder; to provide expert evidence at the First-tier Tribunal (Property Chamber), if necessary.