Land leases

Land leases are contracts concluded by the City of Reykjavik for the lease of land owned by them. Landowners are all parliamentary property owners on the relevant land plot.

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Land lease application

In general, land for residential purposes is leased for 75 years and land for professional activities for 50 years. The annual rent on land is calculated in proportion to the property value of the land and is charged with the property fees. In areas where structural changes are envisaged, the CoR may refuse an application for renewal, or issue a contract for a shorter period. Land leases are renewed when an earlier contract has expired, or when at most two months remain in effect. New land leases for newly allocated land are made at the mayor's office and the city secretary, email lodir@reykjavik.is.

Mandate to sign land lease

A mandate to sign a land lease can be given by completing this document: Mandate to sign land lease

Process of application

1.

The landowner/ applicant submits an application for renewal. Generally, applications are placed in the delivery history within a week.

2.

The CoR draws up a land lease in triplicate.

3.

The landowner/applicant will receive an email notification when the land lease is ready to be signed.

4.

Landowners (all parliamentary owners of real estate on the relevant land) sign all copies in the City of Reykjavik's Customer Service Department, Borgartún 12-14.

5.

The Landlord will deposit two copies with the County Clerk and pay for the deposit.

If the purchase agreement has been ratified, and the land lease has expired, both the buyer and the seller must sign the land lease.