Leasehold Extension/Freehold Purchase

prometida

I was hoping to sell up and move by September. However, have today been advised selling may be difficult as I only have 72 years on my lease.

Does anyone have any idea how long it could take to extend the lease (or purchase freehold)? My timescale isn't flexible - I need to be gone by September, if possible.

The other leaseholder is willing to go along with such plans... similarly, any idea on cost?

And, just to make life even more difficult, we have an absent freeholder, so how will that affect things?

Any and all advice, gratefully received.

cattie

Extending a lease can be a long drawn out process, especially when an absent freeholder is involved. The best people to get advice from are here http://www.lease-advice.org/newintro.htm

Ian_W

I think you'll really need to get your skates on to do it by September as you'll have to go to both the County Court and Leasehold Valuation Tribunal with an absentee landlord.

The other alternative is to take a hit on price once you've got an idea of the cost of your lease extension. 72yrs on the clock wouldn't, I don't believe, make it unmortgageable with most lenders who I think generally look for 60+yrs, though this does vary.