A Section 42 Notice is a formal request from a leaseholder to extend their lease; it is given pursuant to the Leasehold Reform, Housing and Urban Development Act 1993 and entitles a leaseholder to an additional 90 years on top of their remaining lease term and the reduction of their ground rent to a peppercorn.
In order to serve a Section 42 notice the services of a surveyor and solicitor are required to act on behalf of the leaseholder. The surveyor will undertake a valuation on the property and calculate the lease premium for the lease extension, when the report is completed a copy is sent to the acting solicitor. The acting solicitor serves a Section 42 notice to the freeholder, who has 2 months in which to respond.
