Quote Originally Posted by Vindec View Post
Thanks. I wrote previously in far too much of a hurry. As a former landlord I came across this issue previously. That is why I suggested that in a block leaseholders should gather together and best all get involved. Otherwise the remaining owners who do not buy their freehold (and do not form part of the new management company) will be adversely affected. The law requires a 50% threshold to be met but for all practical purposes all flat owners should be involved. Of course in the OP's case we do not know the kind of flat he is enquiring about. Obviously the fewer number of flats the better.
I have no idea what the cost would be, but I found this article

Extending your lease has been a legal right to qualifying leaseholders since 1993. Leases will continue to get shorter and in some areas of London leases of 40-60 years are common place.

Increasingly legislation has been changing to benefit the leaseholder. For example qualification criteria have been relaxed and it is no longer necessary to live in the flat for 3 years or qualifying periods amounting to 3 years. You will need to own the lease for 2 years to qualify but do not need to live in the flat and can own it through a company. BUT, if you want to sell up, you can sell on your rights under Section 43 of the 1993 Act so the new purchaser does not have to wait 2 years to qualify.

Exercising the right requires a formal legal notice to be served on the Freeholder and all intermediate landlords.

Your statutory right is to an additional 90 years with ground rent reduced to a peppercorn rent