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Lease extensions
sarnydee
Posts: 19 Forumite
Hi,
I have my flat on the market and a potential purchaser has asked about extending the lease. I currently have 71 years left on it. Has anyone had any experience of extending their lease???
I have my flat on the market and a potential purchaser has asked about extending the lease. I currently have 71 years left on it. Has anyone had any experience of extending their lease???
0
Comments
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I haven't extended a lease myself however I have two experiences of the vendor extending the lease (one was a 69 and another a 71 year lease). This was a relatively easy process. As long as you have been resident in your property for 2 years you are able to request to the freeholder that the lease is extended (usually to 99 years). The freeholder will give you a price (in my examples it was £7k and £11k) plus their legal costs. You will also have to pay minimal solicitors costs to process this. Your lease is low so it I feel it may be hard for you to find a buyer otherwise if they are aware of leases. A good site for advice is http://www.lease-advice.org/ - the lease advisory service. Good luck.0
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