If you are eligible to extend your lease by the statutory means, the next stage is to appoint a surveyor to calculate the premium you owe to the landlord for the lease extension.
The valuer will establish the lowest justifiable premium to insert in your offer notice to the landlord. The offer amount must be calculated in accordance with the legislation and the method of calculation is prescribed in Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993.
It is essential to instruct an experienced professional for lease extension valuations. They will inspect the property in person because factors such as the physical condition of the building can have a bearing on the valuation. The premium estimate must be justifiable.
In Cadogan v Morris  1 EGLR 59, for example, the tenant used a figure of £100 in his offer notice. The Court of Appeal held that the notice was invalid because it was not a realistic figure. This was even the case in Mount Cook Land Ltd v Rosen  1 EGLR 75, where a figure of £100,000 was also considered unjustified.
If you would like an approximate figure for the lease extension valuation, however, you can obtain a ballpark figure from our online calculator. Nevertheless a surveyor will still be needed to commence the statutory lease extension process.