82 year lease, 3 bed flat over a pizza place

[slyrubies]

It's been a bit tricky getting a mortgage for this place. It's been on the market for about a year. Prices are falling in this area.

My father believes that after having lived at this property for 3 years I can ask for an extension to the lease (say 25 year extension to push it over 100 years again) and that the landlord should have a statutory duty to offer a fair price.

I guess my question would be, what would be a fair price and how can I find out?

[Poppy]

82 years unexpired is not that short really.

There is no exact science for calculating the premium of a lease extension. It could be as easy as the lessee offers £x and the freeholder accepts. You then need a solicitor to draw up the legal paperwork to effect the extension.

The minimum extension that may be granted is 90 years (therefore the new lease will be the unexpired term plus the extended term ie 82 + 90 = 172 years).

Alternatively the formal procedure is outlined on www.lease-advice.org