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Lease Extensions

Statutory lease extensions at some Woodlands Vale Management Company Limited flats in Scarborough have been completed under The Leasehold Reform Housing and Urban Development Act 1993, having applied to the freeholder, who is the "competent landlord" with a sufficiently longer interest in the property as to be able to grant the 90-year extension. (Woodlands Vale Management does not have enough years to grant a 90-year lease extension). The process is started by serving the initial notice a "section 42 notice" on the “competent landlord”.

The leaseholder has a statutory right to protect the value of their asset by applying to the “competent landlord” (freeholder) for a Lease extension of an additional 90 years and no longer paying any ground rent.

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