Lease Extension in 2026: Should You Extend Now or Wait for Marriage Value to Be Abolished?

If you own a leasehold flat, you are probably facing one of 2026's trickiest decisions. Do you pay for a lease extension now, or wait for the promised reforms that could make it cheaper? Get the timing wrong, and it could cost you thousands. So let me help you think it through clearly.

What the Reforms Promise

The Leasehold and Freehold Reform Act 2024 sounds like brilliant news. It promises to abolish marriage value, raise the standard extension term to a massive 990 years, and cut ground rent to a peppercorn.

Here is the crucial catch, though. These headline changes are law on paper, but not yet in force in practice. If you want the full breakdown, this guide on lease extension explains it clearly.

Why Waiting Is Tempting But Risky

The government is still consulting on the valuation rates, with the consultation closing in September 2026 and secondary legislation to follow. Most experts expect the big changes will not take effect until 2027 or later, partly due to legal challenges from freeholders.

So yes, waiting could save money, especially for those with leases under 80 years who currently pay marriage value. But here is the danger. Every year you wait, your lease gets shorter, and the cost of extending rises.

The 80-Year Cliff Edge

This is the point that changes everything. Once your lease drops below 80 years, marriage value kicks in under current rules, adding significantly to the cost.

If you are anywhere near that threshold, waiting for reforms that may be years away is a genuine gamble. Your lease could tip below 80 years before the new law ever arrives.

Some Good News Already in Force

It is not all waiting. Since February 2025, the two-year ownership requirement has been removed. That means new owners can now extend their lease immediately, rather than waiting two years as before.

My Honest Take

Here is my advice. If your lease is comfortably above 80 years, you may reasonably choose to wait and watch the reforms develop.

But if you are near or below 80 years, do not gamble on uncertain timing. Extending now under current law is often the safer financial choice. Either way, speak to a specialist solicitor and check current GOV.UK guidance before deciding. This is complex, high-stakes territory, and proper advice pays for itself.

Are you weighing up a lease extension? I would love to hear your situation.

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