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Tenants of leasehold property can extend their lease terms at any time, subject to qualification, by virtue of the Leasehold Reform Housing & Urban Development Act 1993. The Act sets out the qualifying criteria and the formula for valuing the price payable to the landlord for extending the lease term.
A lease extension can also be achieved outside of the Act by negotiation with the landlord.
This is the collective right of tenants of residential blocks of flats, subject to qualification, to purchase the landlord’s freehold title at a time of their choosing. The tenants collectively become their own landlord.