Hold off for Leasehold Reform Bill?

Hi Everyone, We have 13 apartments for people over 45 years old.

I have tried to increase my lease that only has 62 years left. The cost to get a quote was £500.

The quote came back £35,000 to increase it to 99 years.

Would it be better and cheaper to wait for part 2 of the Leasehold Reform Bill to be completed?

Many thanks

Anthony

Editor’s Notes:

What’s in Part 2 of the Leasehold Reform Bill?

The government has proposed reforms that would:

Cap or abolish the ‘marriage value’—a major reason lease extensions become expensive when under 80 years.

Standardize and reduce lease extension costs using a fixed formula.

Increase the standard extension term from 90 to 990 years.

Remove requirements for leaseholders to own the property for 2 years before applying for an extension.

If passed as proposed, your premium could drop significantly—especially because your lease has only 62 years left and currently attracts marriage value (which could be scrapped).

Your Current Quote: Worth It?

A £35,000 quote now (plus legal/valuation costs) for a 99-year extension might not be a great deal if:

The reforms do pass and

The marriage value is scrapped, and

You’re not under pressure to sell or remortgage soon.

But if you need to sell or refinance, buyers or lenders may balk at the 62 years remaining, so delaying might cost you more in lost opportunities.

Timing: When Might the Reform Become Law?

As of April 2025:

The Leasehold and Freehold Reform Bill is progressing, and Part 1 is already being enacted.

Part 2 is expected in 2025.

However, timing and final details are not guaranteed, especially with a possible change in government.

•     Can I comfortably wait 1–2 years?
•     Will I need to sell/remortgage soon?
•     Am I okay with the risk that the final law may differ?

If you can afford to wait, then yes—holding off could save you a lot, especially if marriage value is abolished.

But if you’re under pressure to sell or refinance soon, you might still consider negotiating the current quote—or at least being ready to act quickly if the reforms stall.