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 This is because it is getting close to the end of the 6 month claim to extend which could mean the claim might be withdrawn before I complete.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, Jun 1, 11:57:59