Own freehold of building and want to buy leasehold flat above

brakes

Hi,

I own the freehold for the house and live in the flat on the ground floor. The flat above has 75 years left on the leasehold and we have not been approached to extend the lease. We are assuming their property is deteriorating in value due to the length left on the lease.

One day we would like to restore it to being one house. Are we under any obligation to renew their leasehold at this stage? Ideally we would like to buy their flat at a time that is good for both parties but would like to know if there are any barriers that could stop us from doing this.

Thanks,

Rapished

No if your the lease holder for there property, its in your court entirely, they may have to take the hit, but once its gets lower in time to run, your right the chances of a mortgage for a buyer is getting slim, so they'd need to either offer you a wedge to entice you, or take the hit.

You meany lol

brakes

Hi Rapished,

Thanks for getting back to me so quickly!

After reading here:
moneysavingexpert.com/mortgages/extend-your-lease

It appears that we are under an obligation to extend the lease but it might just be pricey for them at this stage?

brakes

Also this one here:
lease-advice.org/information/faqs/faq.asp?item=94

*will need to add www as it is blocking me from posting links

ILW

The leaseholders have a right to extend their lease at any time.