Should I wait 2 years or appeal to freeholder for lease extension?

do you have to wait? i thought that was for purchase of freehold?

Generally you have to own a leasehold property for 2 years before you apply for a statutory lease extension of 90 years plus the original term at a ” peppercorn” ground rent (nil). A voluntary lease extension can be done inside two years but usually on much less favourable terms. Waiting two years will not affect massively any premium valuation as the key milestones when it gets expensive are under 80 years when “marriage value” kicks in, and then under 60 years when it rockets. Sit tight for 2 years and then apply under statutory route. Use a good valuer and a good leasehold solicitor who knows all the crafty Freeholder tricks to try and stop you from getting it. Remember you have to pay both your own and the Freeholders legal costs.

I’d definitely wait – what’s the rush? Unfavourable terms aren’t worth it, 2 years will fly & I’m no expert but aren’t property values (& hence the associated costs) more likely to drop than rocket, given all the economical & political unrest & warfare.