How much will I have to pay?
If you own a share of freehold (as mentioned above) it is unlikely that you will have to pay anything for a lease extension but obviously please check with your co-freeholder or co-director in case of a share of freehold. Other than in the case of a share of freehold where no premium is paid the valuation formula is complex. The calculation is one which is primarily based on ground rents and yields and length of the unexpired lease. It is very important to be aware that if your lease has less then 80 years left at the date you serve your notice on the landlord you must also pay a marriage value which can considerably increase the lease extension premium.