Maximising Value and Protecting Your Statutory Rights
Whether you are a leaseholder looking to extend your lease or a freeholder served with a tenant's request, calculating the correct statutory premium requires specialist expertise. Under the Leasehold Reform, Housing and Urban Development Act 1993 (and subsequent legislative updates), leaseholders have a legal right to extend their lease.
As local RICS Registered Valuers covering Kent and Sussex, we provide independent, data-backed Leasehold Extension Premium Valuations. Our reports calculate the exact price to be paid for the extension, ensuring you do not overpay as a tenant or undersell your asset as a landlord.
Why Timing Matters: The 80-Year Threshold
The length of your remaining lease fundamentally dictates the cost of your extension. Acting early is critical to saving money:
| Remaining Lease Term | Financial Impact / Calculation Rule |
|---|---|
| 80+ Years Remaining | No Marriage Value Payable. This makes the extension significantly cheaper. It is vital to extend before falling below this mark. |
| Under 80 Years Remaining | Marriage Value Applies. The premium increases steeply because the freeholder is legally entitled to 50% of the additional value the extension creates. |
The Leasehold and Freehold Reform Act 2024: Where It Stands
The legislative landscape in England and Wales is shifting significantly. While the Leasehold and Freehold Reform Act 2024 has been enacted, it is being rolled out in phases:
What is already in force: The old two-year ownership rule was abolished. You can legally request a statutory lease extension as soon as your property purchase is registered at the Land Registry.
What is still pending: The abolition of marriage value, the 0.1% cap on ground rent used in enfranchisement calculations and 990-year lease extensions are not yet in force. Implementation requires further regulations and amendments through the forthcoming Commonhold and Leasehold Reform Bill. The government has not confirmed a commencement date for these valuation changes.
Should You Wait for the New Legislation?
Knowing whether to wait or act immediately depends entirely on your specific lease length and immediate goals:
Act now if your lease has 80 to 85 years remaining: Do not wait. Because the abolition of marriage value is not yet active, delaying your extension risks letting your lease slip below the critical 80-year mark. If it drops below 80 years now, marriage value kicks in immediately under current law, adding thousands of pounds to your premium. You should also act now if you need to sell or remortgage your home imminently.
Consider waiting if your lease is already well under 80 years: If your lease has already dipped significantly below 80 years, waiting for the full rollout of the 2024 Act may save you money. Once implemented, the complete abolition of marriage value will remove a massive financial penalty from your final premium calculation.
Why Choose Us?
Leasehold reform calculations are highly technical and frequently disputed. Local residents, solicitors, and landlords trust us because:
Expert Tribunal Awareness: We draft robust, evidence-backed RICS Red Book reports designed to withstand scrutiny at the First-tier Tribunal (Property Chamber) if negotiations stall.
Granular Local Comparables: Our surveyors track ground rent structures and freehold premiums specifically across the South East, using hyper-local sales data.
Dual-Perspective Expertise: We act for both leaseholders and freeholders, giving us a deep understanding of the negotiation strategies used by both sides.
End-to-End Support: Beyond the initial valuation report, we offer professional negotiation services to directly settle the premium with the opposing surveyor or solicitor.
Do not let your lease lose value through delay. Speak directly with one of our RICS Registered Valuers to understand your rights, protect your equity, and obtain a transparent quote.
