Once you have bought a flat, you have the right to extend the lease only after 2 years of ownership.
However, you can avoid this wait if you can come to an agreement with the seller to begin the extension process for you (called ‘assigning the benefit of the notice’) while the purchase is going through. This can save you the 2 years you would otherwise have to wait.
Alternatively, you can try to negotiate an informal extension of the lease with the landlord once you have bought the property.
You should take specialist valuation advice on the likely cost of the lease extension.
We recommend you get professional help from a solicitor and surveyor with experience in this area.
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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