Buying with leasehold extension
Hi Wrathers,
Wondering if any of yous have had experience buying a property with a lease extension included.
I've agreed a price to purchase with the seller to extend the lease before exchange. They already served the section 42 in January, and received the section 45 counter notice back from freeholder. The terms of which I am happy with. I know most will carry out the extension themselves after buying the property however I have tied in the seller to continue the process and extend the lease at their own cost. This is because it is getting close to the end of the 6 month claim to extend which could mean the claim might be withdrawn before I complete.
Assuming that the seller is currently finalizing the lease extension with the freeholder by the terms agreed how long would it roughly be until the lease extended.. thereby allowing the exchange?
Since the lease extension will be done in the sellers name I assume this would need to be transferred to my name before completion.
Any other advice would be welcome as it is a slightly strange situation
Posted By: KetteringRyu on June 1st 2021 at 11:57:59
Message Thread
- Buying with leasehold extension (General Chat) - KetteringRyu, Jun 1, 11:57:59
- You should get professional advice (General Chat) - KevinBond, Jun 1, 12:26:18
- The WOTB.... for all your legal, medical and plumbing advice.... (n/m) (General Chat) - usacanary, Jun 1, 17:38:48
- Can't your solicitor advise? (General Chat) - SimonOTBC, Jun 1, 12:24:39
- I've asked however like most solicitors they can't give an estimation but.... (General Chat) - KetteringRyu, Jun 1, 12:35:22
- Yep, fair enough. The quality is variable on anything more than basic searches (General Chat) - SimonOTBC, Jun 1, 12:44:21
- The thing is the solicitors I use are very good. Almost computer like (General Chat) - KetteringRyu, Jun 1, 12:52:07
- CWC is the man we need for this. (n/m) (General Chat) - DrDublin, Jun 1, 12:47:51
- Not my area (n/m) (General Chat) - CWC, Jun 1, 16:17:05
- and NxNW too obv's. (n/m) (General Chat) - DrDublin, Jun 1, 12:48:19
- Yep, fair enough. The quality is variable on anything more than basic searches (General Chat) - SimonOTBC, Jun 1, 12:44:21
- Apologies to any conveyancing solicitors on here, but they are notoriously crap at dealing (General Chat) - NxNW, Jun 1, 12:26:32
- Which is why you should never go cheap on a leasehold purchase... (n/m) (General Chat) - CWC, Jun 1, 16:15:55
- I've asked however like most solicitors they can't give an estimation but.... (General Chat) - KetteringRyu, Jun 1, 12:35:22
- I work in resi leasehold, albeit not in extensions. (General Chat) - NxNW, Jun 1, 12:15:29
- Yeah, it's been done in line with the statutory lease extension (General Chat) - KetteringRyu, Jun 1, 12:47:11
- It sounds like your purchase price effectively includes the premium for the extension, so (General Chat) - NxNW, Jun 1, 13:01:57
- Yes, it is included. (General Chat) - KetteringRyu, Jun 1, 13:11:20
- It sounds like your purchase price effectively includes the premium for the extension, so (General Chat) - NxNW, Jun 1, 13:01:57
- Yeah, it's been done in line with the statutory lease extension (General Chat) - KetteringRyu, Jun 1, 12:47:11
- You should get professional advice (General Chat) - KevinBond, Jun 1, 12:26:18
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