If you qualify for a lease extension then you’re entitled to a 90 year extension to the existing lease term that you have. You are also entitled to pay a Peppercorn ground rent.
So, what am I actually entitled to you might be asking. Well, if you qualify for a lease extension, then you're entitled to a 90 year extension to the existing lease term you have and you're also entitled to pay a peppercorn ground rent. A peppercorn that goes into your pepper mill on your dining room table. The freeholder may be offering you a new 99 year lease or a 125 year lease with a modern ground rent but that is not what you're entitled to. You're entitled to better than that, however, you might find that it's in your financial interest to review these options later on in the process as we look at settling the negotiation for you.
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About the author
Having graduated in Economics and Social History from the University of Kent, John qualified as a surveyor in 1985 at Hillier Parker. This was the start of a long and esteemed career within the property industry as he went on to work for (among others) Vigers, Chestertons and Hargreaves Newberry Gyngell, gaining considerable experience in commercial and residential valuations as well as investment consultancy.