What is the difference between formal and informal negotiations for extending my lease?

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If you meet the minimum criteria set out in the Leasehold Reform Housing & Urban Development Act 1993 you have a right to extend your lease.

Depending on what terms you are seeking as part of the extension, you can choose to enter formal or informal negotiations.

Formal negotiations will require you to obtain independent legal, and usually valuation, advice.

Many leaseholders prefer to negotiate directly with their freeholder, without following the procedures set out under the 1993 Act. This process is known as informal negotiations.