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FAQ

Is SDLT payable on assignment of a lease?
The new owner pays a lump sum for the assignment of the lease and pays SDLT on this amount. In most cases, use the same rates and thresholds to work out the amount of SDLT as you would if you bought a freehold property (residential or non-residential freehold).
Can you extend a lease by 25 years?
You usually only have the right to extend your lease by 50 years, rather than 90 years with flats. The freeholder could grant more than 50 years if they want, but it's up to them. The law is even trickier here than with flats, so seek advice from a solicitor with experience in the area.
How much will it cost to extend my lease?
How Much Does it Cost to Extend a Lease? For a flat with 80 years left on the lease and expected to be worth £400,000 with a lease extension complete, and ground rent of £100 a year, a lease extension will cost from about £7,000 to £10,000 plus costs mentioned below.
Do I have a legal right to extend my lease?
Extending the lease You can ask the landlord to extend your lease at any time. You might be able to extend your lease by. 90 years on a flat if you qualify. 50 years on a house if you qualify.
Is SDLT payable on a lease extension?
Lease extensions, however, are usually exempt from SDLT because where the surrender of a lease is given in consideration of a new lease being granted between the same parties, neither the surrender of the old lease or the grant of the new lease are regarded as chargeable consideration for the purposes of SDLT.
Do you pay tax on a lease extension?
Lease extensions are treated as disposals under the Capital Gains Tax regime. If the company grants a lease extension back to the leaseholder long after the building was purchased, the value of the lease extension could now significantly differ to the cost put in at the time of purchasing the freehold.
Who pays SDLT on a commercial lease?
The seller is now required to post completion of their lease, pay the SDLT and register the lease. They are now also required to pay a tax based penalty and interest on the initial £7,000 SDLT payment 13 all because they didn't use a solicitor at the time.
How many years is a lease extension?
All leaseholders who can extend their lease will have the right to do so by 990 years. Currently, leaseholders of houses can only extend their lease once, by a 50-year period, while leaseholders of flats can extend leases as often as they wish for a 90-year period.
How long is a typical lease extension?
It typically takes 3 to 12 months to extend your lease. Extending your lease under the process set out in the Leasehold Reform Act means things must be done within a statutory timeframe.
Do you have to extend a lease by 90 years?
Leaseholder rights are outlined in the Leasehold Reform Housing and Urban Development Act 1993, which compels freeholders to provide a 90-year extension to the lease terms for qualifying tenants. It also stipulates that future ground rent is reduced to a 'peppercorn' (zero).
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