A Residential Lease Extension is utilized when a leaseholder wishes to extend their existing lease term under the statutory framework provided by English and Welsh law. This document is crucial for maintaining property value and marketability, particularly when lease terms fall below 80 years. The extension process is governed by the Leasehold Reform, Housing and Urban Development Act 1993, which provides qualifying tenants with the right to extend their lease by 90 years in addition to the unexpired term, while reducing ground rent to a peppercorn. The document must include specific statutory provisions and comply with Land Registry requirements.
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1. Parties: Details of landlord and tenant including their registered addresses and company details if applicable
2. Background: Original lease details, current term remaining, and context for the extension
3. Definitions: Key terms used throughout the document including Property, Term, Premium, and Original Lease
4. Term Extension: Specific details of the extension period, new termination date, and commencement provisions
5. Premium: Amount payable for the extension, payment terms and completion requirements
6. Covenants: Confirmation of continuing obligations from original lease and any modifications
7. Execution: Signature blocks, witnessing requirements and execution formalities
1. Ground Rent Provisions: Modified ground rent terms and calculations where original lease includes ground rent
2. Service Charge Modifications: Updates to service charge arrangements and calculations where terms need modernizing
3. Management Company Provisions: Rights and obligations of management company where property is managed by third party
1. Schedule 1: Original Lease: Copy or detailed particulars of the existing lease
2. Schedule 2: Property Description: Detailed description of the property including plans and boundaries
3. Schedule 3: Premium Calculation: Detailed breakdown of how the extension premium has been calculated
4. Schedule 4: Rights and Reservations: Comprehensive list of rights granted and reserved under the extended lease
5. Appendix A: Land Registry Plans: Official plans showing the property boundaries and relevant rights of way
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