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freehold lease extension
RAY63
Posts: 15 Forumite
Hi everyone,
does a new buyer who is a freeholder of a maisonette need to wait 2 years to extend the lease?
I know that if the property was leasehold there is a 2 year clause.
Thanks for any advice
does a new buyer who is a freeholder of a maisonette need to wait 2 years to extend the lease?
I know that if the property was leasehold there is a 2 year clause.
Thanks for any advice
0
Comments
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Is this person (you?) the sole freeholder?0
-
Hi
Sorry yes it is0 -
HI
sorry yes I am0 -
What both?
Yes it is you, and yes you are the sole freeholder? The other maisonette owner does not jointly own the freehold?
In that case, I believe the leaseholder (you) and the freeholder (you) cannot extend the lease since a lease is an agreement between 2 people, and sadly 'you' and 'you' are not 2 people.
Read this thread:
https://forums.moneysavingexpert.com/discussion/comment/71349224#Comment_713492240 -
The vendor owned the freehold to the upstairs and downstairs.
the downstairs occupants had a leasehold agreement.
Can I extend my upstairs lease straight away?0 -
Ok
Thanks GM
I read the other thread and it sort of makes sense
Thanks0 -
You can get around this by forming a company to own the freehold, or owning the freehold jointly with somebody else.
Or if you own the freehold, you can determine the lease (i.e. cancel it) and just own the freehold. And then create a new lease for any period you like (e.g. 999 years) when you want to sell the flat. But that probably won't work if you need a mortgage for the flat.
It might help if you explain why you are asking the question. What is your concern? What are you trying to achieve?
Unless the lease length is an issue for your mortgage lender, there's no need to do anything until you want to sell the flat (assuming you really do own/control both the leasehold and freehold)0
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