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Right to Buy - Short Lease Issue
smartest_smarty
Posts: 35 Forumite
Hi all,
I hope you can help.
I have lived in a council home for more than 20 years, and was told I have the right to buy. I was going through the formal process, the valuation and EPC were scheduled, then I was told it had to all be cancelled because a land registry searched showed the lease had only 24 years remaining. The minimum to sell under right to buy is 50.
I've done a little research and believe I can serve a notice to extend the lease.
The issue I have here, is will that cost me something, and will it negate the value of the right to buy discount.
Also if I do not follow through with the purchase, if I were unable to get a mortgage for example. Will I be left with increased rent, or debt in some way or another?
Any advice would be appreciated.
Thanks.
I hope you can help.
I have lived in a council home for more than 20 years, and was told I have the right to buy. I was going through the formal process, the valuation and EPC were scheduled, then I was told it had to all be cancelled because a land registry searched showed the lease had only 24 years remaining. The minimum to sell under right to buy is 50.
I've done a little research and believe I can serve a notice to extend the lease.
The issue I have here, is will that cost me something, and will it negate the value of the right to buy discount.
Also if I do not follow through with the purchase, if I were unable to get a mortgage for example. Will I be left with increased rent, or debt in some way or another?
Any advice would be appreciated.
Thanks.
0
Comments
-
As a tenant you cannot apply to extend the lease. Only the leaseholder (the Council) can. You could approach them and see if they plan to increase the lease. It may just be that they've overlooked it.
The Council may also be the freeholder so it might be relatively cheap to do so, however as they are aware you are looking to buy the property they may not have any real inclination or desire to extend it beyond the 50 year mark.0
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