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Buying Leasehold Flat and taking on Informal Lease Extension: Idea of Cost/Time with a HA?
Emma_kK
Posts: 2 Newbie
Hi All. I have had an offer accepted last month on a flat in London.It's a leasehold flat and the freeholder is PA Housing. It has 74 years left on the lease. The seller has agreed to start the lease extension process and has started but the whole thing is slow already. I also haven't had any idea of cost yet, though my offer is subject to the cost of the extension being less than £15k. It's a £285k flat, which was valued by a surveyor in January (the seller is in shared ownersip, but I will not be). Has anyone any experience of extending a lease with a housing association? Any idea on cost or time, or anything I should look out for?! Thanks!
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Comments
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There's no set timeline. But it requires a surveyor's valuation, a bit of negotiation, reviewing the lease paperwork and registration with the land registry. There aren't really hard deadlines for any of those steps. At a guess... 12 weeks? But the spread is probably anything from 4 weeks to 24 weeks! Let's see what others say0
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