Leasehold extension after purchase

eddddy

louhar247 said:

My solicitor is suggesting renewing the lease after we've owned it for 2 years and guesstimating £3.5-£6k as a guide. 

It doesn't sound like extending the lease is urgent, but...

If extending the lease soon is important to you, you can ask the freeholder if they'd be willing to extend it informally on suitable terms.

But bear in mind that nothing the freeholder (or you) say is binding until you sign a contract with the freeholder.



So, for example, the leaseholder might say they'll add 90 years (or 50 years or 900 years) to the lease for £5k.

But unless you sign a contract, after you've bought the flat, the freeholder might increase the price to £15k - or decide not to sell you an extension at all.


Or you can ask the seller to start the statutory lease extension process before they sell - and you complete it. If you don't want to wait.

EssexHebridean

Yes - they can begin the process and transfer the right to continue it to you as buyer, I believe. That then means you don't have to wait two years after buying to do the extension. 

diystarter7

https://www.gov.uk/leasehold-property/extending-changing-or-ending-a-lease#:~:text=Extending the lease,a house if you qualify

Thanks