Buying freehold/selling flat

flowerpower55

My flat is up for sale, the lease needs extending and I’ve just paid for a surveyor to come and do a survey for a price on extending the lease. However today I have received a letter from the freeholder offering the 6 flats the opportunity to buy the freehold.
Now I’m a bit confused as to where this leaves me, whether I should try and go ahead with this, where this leaves me with potentially extending the lease and any potential sale.
Just wondering if anyone has any advice at all of what to do, what questions to ask, what to tell potential buyers?!
Any words of wisdom at all are very welcome!

eddddy

Often, when leaseholders buy the freehold, they grant themselves lease extensions to 999 years, at no cost.

But it can get complicated, if some people have already extended their lease and others haven't.

Your buyer will probably want the freehold purchase and lease extension completed before they purchase. It may be difficult to predict how long that might take - especially if some of your fellow leaseholders 'drag their feet'.

Tom99

There is no guarantee the freehold purchase will go through, and even if it does that will not automatically extend your lease, so I would be inclined to start the lease extension process now.
How long is left on the lease?
The extension process could well take 6mths but if you find a buyer for your short lease you can always assign them the right to continue rather than have to wait 2yrs themselves.