What are the conditions for the eligibility of a leaseholder to extend their lease?

The eligibility to extend a lease revolves around specific criteria established by property laws, particularly focusing on the duration of the original lease and the length of time the leaseholder has owned the property. The correct answer states that the lease must be a long lease, defined as one that is 21 years or more in duration, and that the leaseholder must have owned the property for at least two years.

Long leases (typically starting at 21 years) give the leaseholder certain rights that are not available under shorter leases. This requirement ensures that the leaseholder has had sufficient time to invest in and inhabit the property before seeking an extension, which helps maintain a balance between the interests of both the leaseholder and the freeholder. The stipulation of a minimum ownership period also serves to prevent individuals from quickly acquiring a leasehold property solely for the purpose of extending the lease without any genuine connection to the property.

The other options fail to meet the criteria necessary for extending a lease. Short leases do not qualify for such arrangements, and requirements set at periods less than the stated minimum ownership fail to provide a fair timeframe for leaseholders to establish their stake in the property. Thus, the correct option is firmly rooted in established legislation governing leasehold properties.