lease extension- how long

chupachups_2

Hi moneysavers, my partner and I are buying a flat which requires a lease extension. It's a one bed flat in Surrey, does anybody know how long can this take? Is there a standard waiting period or does it vary?
Thanks

EdInvestor

It can take quite a long time as surveyors have to work out how much it will cost and there may be a negotiation.If a proce has already been agreed, then it's just a matter of the legal work and shouldn't take too long.

Julysea

Bloody ages if ours is anything to go by! 4 months so far and counting...

Worried

I got my vendors to extend the lease as a part of the sale. It has taken a long time because of the solicitors involved being extremely slow. If price and conditions are all agreed and it's just a matter a the legal work, it depends on the efficiency of the solicitors, but shouldn't take too long.

lilyann1

I have been wondering this as our chain has been going for 8 mths now and our vendors are on their 3rd property, which requires a lease extension.
He has agreed with the landlords to go 50/50 on price and just waiting to get everything in writing.
We wanted to be moved in by Xmas,but this seems unlikely from what has been said on how long it takes.

Worried

It could be done. From my experience, the vendors of the place requiring the lease extension would have to contact the freeholder's legal team and they would have to draft the new lease which would have to be passed back along to your vendors solicitor, who would have to amend and approve the draft lease and send it back to the freeholders solicitor for them to do the final draft and send it back along.

In my case, the actual drafting and approving has taken very little time indeed, it is the passing along of these documents between the 3 legal teams (i.e. freeholder's, vendors and mine) that has taken the time. Once my solicitor had amended and approved the draft, he sent it back to the vendors solicitor for them to pass back to the freeholders legal team, but my vendors solicitor assumed my solicitor was sending it directly to the freeholders lot, so it went no where for 2 weeks, until I chased and the error was discovered. We are still waiting for the final draft of the lease to come back from the freeholder, needless to say i am keeping a close eye on the progress.

I think in theory, a lease can be extended relatively quickly, it just depends very much on the efficiency of the legal teams involved and the communication between them. All I can say, is keep chasing your vendor, so they keep on top of it and hopefully it can all happen swiftly.

chupachups_2

at last, we are completing in three weeks. The extension took 5 months, it could have taken less time, but my solicitor wasn't doing his job...