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With regards to lease extensions, what is a section 42 notice?
A section 42 Notice (also known as the Tenant's Notice) is served on the landlord/freeholder which starts the statutory lease extension process. You can serve your own section 42 notice, however most people instruct a solicitor to do it for them. Before starting the process you should check your eligibility as you may not be eligible to formally extend your lease..
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.
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.