Yes. Once you have bought a flat, you have the right to extend the lease immediately — there is no longer a requirement to wait for two years of ownership before applying for a lease extension.
You can also agree with the seller to begin the extension process before completion (called ‘assigning the benefit of the notice’) so that it transfers to you when you complete your purchase.
We recommend you seek professional help from a solicitor and surveyor with experience in this area to assist with the process and valuation of the lease extension.
More information you might find useful:
- Lease Extension – Getting Started: advice guide
- Freehold vs leasehold conveyancing: flowchart
- More Frequently Asked Questions on Purchase/Sale
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