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Undertaking for lease extension
beatallica
Posts: 15 Forumite
I am buying a flat in a building with 4 flats with a share of freehold
Flat currently has 70-ish years left on the underlying lease
apparently the current freeholders all had the lease extended to 999 years BUT there is some issue with the deed of variation that they signed
Vendor's solicitors are saying they are happy to give an undertaking that lease will be extended but its very busy at land registry at the moment and they don't want to wait for the lease to be extended first and then exchange / completion
My solicitors have advised an undertaking is normally OK in such cases but as it's my first purchase, looking for some advice if this would be OK or should I wait for the lease to be extended+registered with land registry before proceeding?
Thank you
Flat currently has 70-ish years left on the underlying lease
apparently the current freeholders all had the lease extended to 999 years BUT there is some issue with the deed of variation that they signed
Vendor's solicitors are saying they are happy to give an undertaking that lease will be extended but its very busy at land registry at the moment and they don't want to wait for the lease to be extended first and then exchange / completion
My solicitors have advised an undertaking is normally OK in such cases but as it's my first purchase, looking for some advice if this would be OK or should I wait for the lease to be extended+registered with land registry before proceeding?
Thank you
0
Comments
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I'm going through the process myself on extending my lease before selling my property. Before I sell I want to make sure the process will get to a stage where the lease extension process will pretty much complete before exchanging contracts. As what this stage is, I will discover.Student loan: Cleared.0
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OK, please let me know if you get some more information.
Any other comments appreciated as well. Thanks !0 -
Sure I will do, I'll keep forumers posted.Student loan: Cleared.0
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