As your residential lease only has 35 years of the term remaining it is vital that you extend the term.
You are eligible to extend the term by an additional 90 years and reducing the ground rent to a nominal sum (peppercorn).
You do this in two ways (1) direct negotiations with the landlord or (2) serving notice under the statutory procedure. in (1) the landlord may not be agreeable to reducing the ground rent to a peppercorn but you may be able to negotiate a longer term. Under (2) the landlord cannot refuse as it is your statutory right.
In both cases you will have to pay a premium. This is likely to be quite expensive due to the length of term left, once you go beyond 80 years the premium increases quite considerably.
In the first instance you need to determine the landlord. Hopefully this is a simple and quick exercise of searching the land registry. The freehold title should identify the landlord. If it still shows the deceased landlord further investigation will be required.
It costs £6 to get a copy if the title from the Land Registry.
Check the leasehold advisory service website for more information on lease extension.
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