When should I consider extending the lease of my flat?

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If the lease on your flat is older than 200 years, you cannot extend it.

Once a lease term falls below 80 years the premium for an extension may increase. So it is common practice for most leaseholders to extend their lease before it falls below 80 years.

If you own a house and want to extend your lease, you will need to use the formal negotiation route. There is more information on formal negotiations below.