Property Lease Extension

Ripstone

Hi,

Looking for help with a lease extension of my flat so I can sell it at its true market value price. yrs left on lease is 76yrs. So I know it needs doing and will cost 10k plus roughly. I also know this process will take a while, especially since the freeholder wants to buy the flat at a huge discount, so he will drag the process out.

My question is- while the flat is on the market, can I get the ball rolling with my solicitors to extent the lease, then when the time comes when a buyer puts in an offer, can I assign the lease extension agreement over to the new buyer?

Any help would be much appreciated. Thanks

mustang1

Yes, you can and should get this process started now. When you sell, you can assign the benefit of the claim for the extension over to the buyer although it's likely that they may want / need it completed before they buy the flat if they're getting a mortgage as a lender may not accept the current lease length of 76 years.

Ripstone

Thank you so much for your advice. I will certainly look into this straight away.

Many Thanks