Also known as informal or voluntary lease extensions, non-statutory lease extensions may prove easier than the statutory process.
This type of lease extension is a private agreement between the freeholder and the leaseholder. It may be a suitable option for those who do not meet the eligibility criteria for the statutory process, or who have an individual landlord with whom they can easily conduct fair negotiations. It can also prove cheaper and quicker than the alternative.
However some commercial landlords will impose harsh terms and the leaseholder will still have to pay ground rent. The statutory route is usually preferable because the legislation guarantees you a lease extension whilst ensuring you receive fixed, fair terms.