It sounds like your purchase price effectively includes the premium for the extension, so

I'd say you'd probably be best advised to wait until the new lease is not only agreed but also registered at Land Registry before exchanging & completing. I don't imagine that this is an absolute requirement however (particularly given your lender's position), and if on balance you choose to proceed so as not to lose your purchaser then this may well be fine.

If you've got your LPE1 form and this hasn't thrown up any issues, plus any consents have been dealt with, then I would imagine the purchase would proceed as any other freehold purchase. The only other possible issue will be regarding EWS1, although by the sound of it this doesn't apply or your mortgage lender would have said so.

Posted By: NxNW on June 1st 2021 at 13:01:57

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
  - 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 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

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