Joint freeholder selling flat - wants to extend lease

Alan42_2

Hello peeps, I hope someone can help me out.

I live in a converted Victorian house containing 2 flats. The woman upstairs is selling hers and her purchasers want to extend the lease (on her flat only). As it stands, the lease has about 72 years remaining. I always intended to extend it jointly with her after I've been here two years. I've only been here a year and 5 months. Now, what I was wondering is how will this affect me as a joint freeholder? In principle it sounds fine, but would this cause me any problems when I come to extend my lease? Or any other problems, come to that?

Excuse me if I sound ignorant, but I'm afraid I'm a bit clueless when it comes to freehold and leasehold matters.

Many thanks for anyone's input.

Richard_Webster

Why not do both at the same time? If you are a joint freeholder you and the other freeholder can extend the leases wherever you want.

If you want to compel an outside freeholder to extend a lease you have to have owned the lease for 2 yaers. As you are a joint freeholder you are not bound by that rule - the two of you can choose to extend. The other freeholder will need your signature to extend his lease so you might as well do the two at once.

If you use the same solicitor there may be some costs savings for both of you in the solicitor doing two similar cases at the same time.

Once he has sold you my find his buyer doesn't understand and may be less helpful when you ask him to sign to extend your lease.

Fire_Fox

No need to be clueless, this website has (almost) everything you need:
http://www.lease-advice.org/publications/

Alan42_2

Thanks for your advice - am now consulting my own solicitor. Cheers!