Negotiate within the statutory framework: Whilst it is possible to informally negotiate a new lease with your landlord outside of the statutory framework the benefits of the statutory procedure are that there is a prescribed formula for valuing the premium payable to the landlord for granting a new lease, the new term will be for 90 years plus the remainder of the existing lease term, ground rent will no longer be charged and the landlord is also obliged to proceed with the lease extension….
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