The Complete Guide to Lease ExtensionsWhat is a Lease?A Lease is a contractual agreement between two parties regarding real estate. They are most commonly used for properties in the United Kingdom (UK) under the term residential lease. If you currently live in a non-owned or non-rented apartment, chances are you signed for one before moving in. The time period for a residential lease is usually between 99 and 125 years, which generally seems like a long time. However, if it is allowed to lapse with an extension notice, all interest in the flat reverts to the owner. This means that not only can you lose your home, but also all the money you have invested in it. Freehold and Tenancy If someone owns a freehold on a property it will mean that he or she is the owner of the said property or the land on which it is built upon. As a landlord, a freeholder has control of the property outside of the lease, meaning he can carry out construction and renovations as he pleases as long as he has permission from the municipality to do so. The tenant will have a long-term tenancy agreement with the freeholder, which would have been agreed and subsequently signed before taking over the property. When such an agreement is in force, the tenant will have the right to live in the property continuously. A lease is not the same as ownership of the property, which means you won't be able to make any physical changes to the property itself. It's also just an agreement, which means it will expire sooner or later, if you want to extend the life of the agreement you'll need to send an extension notice. Almost all leases will be based on financial remuneration... middle of paper... ten municipally owned offices) for both parties involved. Is it compulsory for a tenant to attend a Lease Valuation Tribunal (LVT)? It is not considered compulsory, but your case could be harmed if you choose not to attend. At a minimum, if you choose not to participate, you should send someone (preferably an attorney) to represent you on your behalf. Is it mandatory for a tenant to have legal representation at a Leasehold Valuation Tribunal (LVT)? It is not mandatory, but if your cases present a multitude of issues or are complex in nature, it may be best to do so. How long does the Leasehold Valuation Tribunal (LVT) process take? It always depends on the case, but those involved can expect the trial to take place anywhere from six weeks between the first hearing and the final outcome. In some rare cases the decision can also be issued immediately after the conclusion of the hearing.