Section 42 Notice
Under the Leasehold Reform, Housing, and Urban Development Act of 1993, leaseholders have a statutory right to extend their lease.
A Section 42 Notice is a formal request from a leaseholder (tenant) to the freeholder (landlord) to extend their lease on a property.
Following the statutory route by serving a Section 42 Notice on the freeholder means that:
- a prescribed lease extension process will be followed.
- an additional 90 years will be added to the lease.
- the ground rent will be reduced to zero (peppercorn).
Chris Salmon, Director
About the author
Chris Salmon is a co-founder and Director of Quittance Legal Services. Chris has played key roles in the shaping and scaling of a number of legal services brands and is a regular commentator in the legal press.