Extending a lease

thornberry_2

When purchasing a flat with a short lease (<60 years) what is the earliest you can start the process to get it extended?

anselld

The vendor can start the process prior to completion and assign you the rights. Otherwise it is two years before you can start the formal process. You can extend at any time if the freeholder agrees an informal offer.

thornberry_2

vendor wont extend, so I guess its wait 2 years or seek freeholder consent

Okrib

Why won't the vendor extend? Have they owned it less than 2 years?


If so, then they can't, and fair enough. If they've owned it for over 2 years then make them serving a Section 42 notice a condition of your offer.

thornberry_2

Can the current owner serve a section 42 and then we the new owners take it over with the extra cost of extending it or does the existing owner need to see it through to extension and sell with it?

The EA was adamant that the owner was not going to extend.

Sorry, I am not clued up on this and we had the first viewing yesterday so not with solicitors yet. Just feeling if its worth a second viewing.

Okrib

The vendor serves the notice, you then pay for it. It's a relatively standard thing to do.


The EA is not doing his client any favours whatsoever. Ask the agent how long the vendor has owned the property, this is the key issue.


If it's over 2 years, then view it again, and any offer is subject to the vendor serving the Section 42 (effectively your solicitor fills out the form, all the vendor's solicitor does is serve it). There's no reason whatsoever a vendor should not want to do it.