Extending the lease...

Hoof_Hearted

Is it true that if one buys a leasehold property on, say, a 70 year lease (difficult to get a mortgage), it has to be lived in for two years before one can apply to extend the lease. I know next to nothing about leasehold...

steve2005

Yes, two years

You should first check that you meet the qualification requirements, that your lease is a long lease and that you have owned it for the last two years. Full details of the criteria are set out in the Qualification section below.

http://www.lease-advice.org/publications/documents/document.asp?item=8

Hoof_Hearted

Thank you. That's really helpful.

janthemum

Hi

I have just moved in to my flat (Feb) and have a lease of 72 years.

I wrote to the land Lord on Tuesday last week asking if I could extend the lease (prior to the 2 yr I HAVE to be there)

He CALLED me the next day and said that would be no problem the cost of this would be £6,500 (I had previously put it in a lease 'calculator' and it came up with the figure of 11k - 15k)

So this seemed reasonable.

He called me on Thursday with details of his solicitor and I now have one in placewho said it will be £500 plus vat my Freeholder said it would be £550 plus VAT for his fees so seems reasonable.

So it CAN be done before if FREEHOLDER agrees. Im in a block of 45 flats.

Hope that helps. I was pleased as know it goes up significantly each year when it gets under 75years.

janthemum

Ps I Got advice from this site to just write and ask and keep it simple as you have nothing to lose. It certainly got positive results so do the same!

ognum

janthemum wrote: »

Hi

I have just moved in to my flat (Feb) and have a lease of 72 years.

I wrote to the land Lord on Tuesday last week asking if I could extend the lease (prior to the 2 yr I HAVE to be there)

He CALLED me the next day and said that would be no problem the cost of this would be £6,500 (I had previously put it in a lease 'calculator' and it came up with the figure of 11k - 15k)

So this seemed reasonable.

He called me on Thursday with details of his solicitor and I now have one in placewho said it will be £500 plus vat my Freeholder said it would be £550 plus VAT for his fees so seems reasonable.

So it CAN be done before if FREEHOLDER agrees. Im in a block of 45 flats.

Hope that helps. I was pleased as know it goes up significantly each years when it gets under 75years.

It am also extending a lease this way without waiting the two years. Write to the freeholder, get a solicitor to review the documentation. Check how many years you are being offered and at what price!

Sillychuckie

The 2 year waiting period is at the discretion of the freeholder, so you might not have to wait. I did mine immediately, but it is within their rights to say no (for 2 years).

ethank

If you have not bought yet, you can ask the seller to submit the notice and convey the benefits of this with the sale of the property.