03 Jul Advoco’s guide to serving a Section 42 for lease extension
As a leaseholder, if you have owned the property in question for more than 2 years you have a right to extend the lease and can serve a Section 42 Notice to the freeholder – this way you can make them an offer and then negotiate until you come to an agreement. This link should help give you an idea of value:
The section 42 is basically a letter you send to the freeholder confirming you have the right to extend but take a look at the link below which details what you need to include in the letter.
If you can’t agree, then you can refer it to the Leasehold Valuation Tribunal (LVT) and they will make the decision for you.
This way, you’ll still need a solicitor but you won’t have to pay exorbitant survey fees! With regards to solicitors, I use Laurence Warnell at Erhardt & Warnell in Ascot. He’ll run through things in plain English for you and won’t charge the earth! His contact details are 01344 623400 or Laurence.firstname.lastname@example.org.
Hope this helps a little.