The minute one’s lease drops to 80 years exactly, the cost to extend the lease by a further 90 years increases by 300%!
If the unexpired lease is 80 years and 1 day – it will cost approx. 2% of the in repair freehold value to extend the lease to 170 years and 1 day. However, if the lease is exactly 80 years (or less), the premium jumps up to approx. 6% of the in repair freehold value as additional marriage value is payable.
A number of my past clients for whom I have extended their leases already are getting back in touch aware their leases are running down to 80 years wanting me to advise and negotiate a further extension of their leases.
If you have a lease of say 83 years or less; do not wait for the law to change. Protect yourself by extending the lease now as it may well take 3 years for the promised changes to the law (abolition of marriage value, right to extend to 990 years overall) to reach the statute book.