Under the statutory route, the qualifying leaseholder has the right to add 90 years on to what is left on their existing lease at a peppercorn rent. (No ground rent)
The Act contains detailed provisions as to how the premium (price) is to be calculated to extend the lease. A surveyor/valuer who specialises in this area will use these to assess approximate figures as to how much you may have to pay to extend your lease.
If a lease has fallen below 80 years this will increase the cost of extending the lease as something called marriage value is payable to the landlord. This is why it is important for leaseholders to consider extending their lease before it drops below this length of years…
There is a calculator on this website which can be used to give an estimate of the premium, subject to the information you enter.