Firstly you need to know:

Who can extend?

You can apply to extend your lease only if you are what is known as a “Qualifying Tenant” under the 1993 Act. You are a Qualifying Tenant if:

1.) You are the tenant of a residential flat.

2.) You are not a business tenant.

3.) The original term of your lease was longer than 21 years (or contains an explicit right for perpetual renewal); and

4.) You have been the owner of the lease for at least two years.

You have the right to claim a lease extension from your landlord if:

1.) Your immediate landlord is the freeholder of the property (if your immediate landlord is a leaseholder, the question of an extension will depend on the length of the term your landlord has left on his lease); and

2.) Your landlord is not a charitable housing trust.

(NOTE: There are other leases which may qualify for renewal. If you are unclear please seek professional legal advice.)

After meeting the qualification guidlines the next huge question is:

What will it cost?

You will need to pay a premium for the lease extension. The price is the cumulative total of the following:

1.) The diminution of the value of the landlord’s interest in the flat.

2.) 50% of the marriage value of the existing lease term and the additional 90 year lease; and

3.) The compensation for loss in clause of other property owned by the landlord.

The date on which the tenant applies for a lease extension will be the date of valuation.

In addition to paying you own legal fees you will also be required to pay the landlord’s legal fees and the costs of the valuation.

Some other very well loved questions that have been questioned on lease hold are:

What happens if I want to buy a leasehold flat and I want to extend the lease?

As you need to have owned the lease for at least two years you will not be able to extend the lease after you have bought it. Therefore, it is common practice for the seller of the leasehold to make an application to extend the lease and then assign the benefit of the application to you as purchaser.

What lease will I be granted?

You have the right to be granted a lease of 90 years (plus the present unexpired term) from the expiry date of your current lease. The rent will be a peppercorn (i.e. rent free). The lease will be broadly on the same terms as your existing lease but may be subject to amendment (depending on any modifications, exclusions and/or additions to the demised premises).

It is worth noting that the landlord will retain a redevelopment right at the end of the existing term of the lease. The landlord will have to pay the full value of the remaining 90 year lease to you and the termination is subject to a court application by the landlord.

What is the procedure?

As a Qualifying Tenant your solicitors will serve a preliminary notice to obtain information from your landlord. Your solicitors will then serve the notice of claim which will state:

1.) Details of the property.

2.) Details of the lease (showing that you are a Qualifying Tenant);

3.) Details of the premium offered; and

4.) A date for the landlord’s counter-notice.

The landlord should then respond and will probably require payment of a deposit equal to 10% of the premium offered.

The landlord will value the premises and serve a counter-notice which will state whether they object to the claim.

If the parties cannot come to an agreement they can apply for the Leasehold Valuation Tribunal to determine the claim.

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If you are feeling the stress of the upcoming April 15 income tax deadline, you have another option – you can file a tax extension and delay your income tax deadline to October 15.

The IRS is willing to grant you the six month income tax extension without you having to come up with an excuse to extend. In fact, the IRS doesn?t even question why you need to extend. As long as you properly submit your extension request by providing accurate information, the IRS will grant you the six month extension automatically.

The fastest way to file an extension is to file it online through a website run by an approved IRS e-file provider like FileLater. com. FileLater. com makes the process simple. You?ll be questioned for your contact information and then taken through a few simple questions to determine if you want to make a tax payment along with your extension. The whole process takes less than 10 minutes. A day later you?ll have an email back with the status of your extension. It?s that simple.

Another benefit to using FileLater. com is that they will help you ensure the information you submit is accurate, and they?ll help you submit multiple times (for no additional fee) if you for some reason get a rejection from the IRS.

FileLater. com will also provide you with an online calculator to help you determine if you should make a payment with your tax extension. If you choose to make a payment, you?ll be able to either mail a check directly to the IRS or pay via direct debit from your bank to the IRS as part of your tax extension e-file.

It is vital to note that filing a tax extension does not grant you extra time to pay the IRS if you expect to owe the IRS additional tax dollars beyond any current W2 withholdings or estimated tax payments you?ve already made for the 2007 tax year. If you owe the IRS when you file your return and don?t pay when you file your extension, you may be subject to penalties and interest payments.

So, do yourself or your tax preparer a favor and file a tax extension. The deadline to file your income tax extension with the IRS is midnight on April 15. If you are for some reason rejected, you?ll have until April 20 to right any errors and complete your extension.

Welcome to another tax season.
Since in a few days remaining in the April 15 IRS income tax deadline, the stress level of Americans is growing. Prepare for more mad drivers on the road, lines of impatient customers in the local cafes and grocery stores, and friends to donate? T, but treats you as friends who are just a few weeks ago.
Looking for a way to reduce taxes at Blues April? There's? Sa small known secret is called DUI extension (the technical term is the IRS 4868

With not much time remaining until the April 15 IRS income tax deadline, many Americans are scrambling to finalize their income tax returns. This year, a growing percentage of taxpayers will choose to file an IRS income tax extension, which will postpone their tax deadline to October 15.

If you?re considering filing an income tax extension, you?re not alone. The IRS recently estimated that 10. 2 million of the 140 million tax filers will file for a tax extension this year. What?s more, approximately 2 million of those extensions will be electronically filed online. File Later tax extension service – a well loved website where taxpayers can file their income tax extension – compiled the following list of reasons why taxpayers should consider joining the growing trend of taxpayers filing a tax ex tension rather than stress about getting their returns completed by April 15.

Although the IRS doesn?t care (or question) why millions of taxpaying Americans file for extensions every year, you may find these valuable: 1. Accountants and tax professionals are much busier in April than they are in October. Getting the proper amount of time with an accountant gets harder and harder the longer you wait leading up to April 15. Extending your income tax deadline to October 15 will give your accountant or tax pro that extra time to focus on your tax return, which may mean extra tax savings in your pocket. 2. Filing an income tax extension may reduce your chance of audit. IRS auditors have quotas they need to meet every year on the number of returns audited. Returns are sorted for auditors by filing date, and most auditors will have met their quotas before they get to extended returns. 3. Getting paperwork together to complete your taxes isn?t simple. Organizing that shoebox of W2s, 1099s, mortgage interest statements, and receipts can take longer than you expect. Giving yourself the extra time needed will ensure you?re taxes are done right, and extending will give you extra time to track down any additional deductions so you?re getting the largest tax return possible. 4. For business owners, funding retirement plans such as Simplified Employee Pensions (SEPs) or SIMPLE IRA?s can be expensive. Filing for an income tax extension will also extend your deadline to fund these types of retirement plans. 5. It?s simple. Your income tax extension can be filed in less than 10 minutes using an online provider like File Later. The process is completely paper-free, and your extension will be e-filed, meaning you?ll get an email confirming the IRS has approved your extension, and you?ll have 6 more months to finalize your tax return.

And remember, even though you may be interested in the reasons to extend your income tax return, the IRS doesn?t care or question. As long as your application is filed correctly, your extension will be granted by the IRS and your new tax deadline will be October 15.