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Silvana Goddard

Lease Extensions

Silvana has over 25 years of financial service and business development experience and thrives in helping her clients increase the value of their homes.

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Questions Recently Answered by Silvana

What is a ‘statutory’ lease extension?

This is a simple option to increase your existing lease length by 90 years and reduce your ground rent to a ‘peppercorn’ (a token or nominal rent), on the assumption you are not subject to a “shared ownership” and have owned the property for a minimum of 2 years

The name comes from leases where the rent is one peppercorn a year. Other kinds of token or nominal rents, such as £1, or a red rose each year, may also be referred to as peppercorn rents. A peppercorn rent is often found where a premium has been paid for a lease.

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What is a peppercorn ground rent?

This is a token or nominal rent, rarely collected by any freeholder. The name comes from leases where the rent is one peppercorn a year. Other kinds of token or nominal rents, such as £1, or a red rose each year, may also be referred to as peppercorn rents.

#lease-extensions #peppercorn #rent #leasehold #lease-extension

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Am I eligible for a statutory lease extension?

You’re eligible to request the statutory lease extension if you’re the sole owner (not shared ownership) and you’ve owned the property for a minimum of 2 years. If you are unsure, or have any other questions, speak to our team of experts for free advice on 020 8315 6901.

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