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Lease extension - how long does it take?

Has anyone renewed a lease on a property lately? If so, how long did it take?

I realise there are a lot of factors that can affect this, but it would be good to hear some real-world numbers. I'm trying to get an idea before we go any further into a purchase.

Also, if you wouldn't mind giving the solicitor/surveyor fees as well (again, I know these can vary with situation), that'd be great.

Comments

  • LEJC
    LEJC Posts: 9,618 Forumite
    Is there any reason why the seller is against extending the lease....
    My limited understanding of it is that as the purchaser you need to wait 2 years before extending which is why I believe its something best tackled by the vendor of a property rather than the purchaser
    frugal October...£41.82 of £40 food shopping spend for the 2 of us!

    2017 toiletries challenge 179 out 145 in ...£18.64 spend
  • deeem119
    deeem119 Posts: 10 Forumite
    edited 30 June 2016 at 2:58PM
    Well, that was part of my reason for asking - we're thinking of negotiating, and asking for them to do this. Now we've seen the current lease, we've found it has increasing ground rent, which drives up the potential cost of extension. I was wondering what the potential delay would be if we go this way.

    We didn't originally go this way when we put in an offer, because the current lease is for a decent length of time. We'd need to think about renewing if we wanted to sell in around 5 years, though.
  • LEJC
    LEJC Posts: 9,618 Forumite
    negotiate first with the seller....we pulled out in very early stages when our seller was unwilling to even entertain the idea of extending whether that be at their cost or partially shared!
    frugal October...£41.82 of £40 food shopping spend for the 2 of us!

    2017 toiletries challenge 179 out 145 in ...£18.64 spend
  • eddddy
    eddddy Posts: 16,293
    First Anniversary First Post Name Dropper
    Forumite
    Briefly...

    If the seller serves a section 42 notice on the freeholder - you don't have to wait 2 years before starting the statutory lease extension process.

    The statutory lease extension process typically takes between 6 months and 18 months - depending on how hard the freeholder fights.

    You can't be sure exactly how much the lease extension will cost at the outset.

    Budget for up to about £4,000 in professional fees (in addition to the price of the lease extension).
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