I work in resi leasehold, albeit not in extensions.
I don't know in terms of timescales, however you won't need to transfer the extension into your name per se.
I suspect the original lease is actually being surrendered and the new extended lease granted on the same terms (albeit presumably with some variations re ground rent and other clauses which may need updating or which the landlord wishes to include). Thus, when you complete and acquire the title of the property you will become the lessee of the new lease (albeit the name of the lessee of the physical lease will always be the seller from whom you are buying).
If you wish, I can point you in the direction of names / firms who will be able to advise further - whereabouts are you buying?
Incidentally, this isn't an extension which has been caught up in the Leasehold Solutions / Leasehold Valuers liquidation is it?
Posted By: NxNW on June 1st 2021 at 12:15:29
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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