Inherited a Property-Rules on extending a lease

frenchfries80

Hi


My mother recently passed away, my sister and I have inherited the property a flat worth in the region of £200,000.


The issue is we have found out the lease only has 70 years left on it, so we have been advised that we should extend the lease in order to sell the flat. My mother lived there 10 years (no mortgage she owned it), but we keep reading that we have to own the flat for 2 years before we are allowed to apply to extend the lease in order to sell it, is this the case?


Any help would be fantastic, it is so hard to find out any information and it is worse as it is such an upsetting time!


Thanks!

G_M

This isn't you is it?

https://forums.moneysavingexpert.com/discussion/5653354

If so, why the new username/query?

If not - there's your answers......

BrassicWoman

G_M wrote: »

This isn't you is it?

That one's 3 beneficiaries and 10 years difference on the lease so I think not. Maybe also a tad blunt to the bereaved?

OP, sorry for your loss. Do indeed have a read of the other thread for information.

G_M

Yeah - sorry!

frenchfries80

That's fine, no it isn't me above this is my first time posting. I read the mentioned thread and was still confused by the 2 year rule, as it's different circumstances as my mother had lived there 10 years.

DumbMuscle

This link from the previous thread seems the most relevant: http://www.lease-advice.org/faq/ive-inherited-a-flat-with-a-short-lease-can-i-extend-it/

Summary: Yes you can, within 2 years from the date of grant of probate. It's probably non-standard enough to be worth involving a solicitor early on though.

frenchfries80

Thank you for your help. I was worried we had to wait two years before being able to do anything.

eddddy

frenchfries80 wrote: »

Thank you for your help. I was worried we had to wait two years before being able to do anything.

Are you planning to keep the flat or sell it?

Things to bear in mind include...

• it could take 6 to 18 months to complete the statutory lease extension process
• you will need a chunk of cash. There's the cost (premium) of the extension, plus fees.

You can get an idea of the premium here: http://www.lease-advice.org/calculator/

Plus allow £3k to £4k for fees.

frenchfries80

We are going to sell it, we have money set aside, I have been advised it can be up to 15,000 to get the lease plus fees. That is why I thought if I got a solicitor involved they would know how to obtain the lease in the quickest way. So ideally we need to sell within the first two years now we have probate issued yesterday?

Hoploz

There will be buyers prepared to proceed with the lease as it is, though of course a discount will be necessary - is it worth the time and aggravation at this time? It's likely to take months