Things to know before you buy a flat
Estate agents are obliged to tell you anything material that may affect your buying decision. There are two main ways...
Once you have owned the flat for two years, you have the right to a lease extension.
If you are purchasing, and the lease needs extending, it is possible for the seller (if they have owned the lease for at least 2 years) to start the lease extension process and give the buyer the right to extend (assign the benefit of the notice). This means that the buyer will not have to wait 2 years to extend the lease. This has to be done at the same time as the purchase of the property is going through.
Alternatively the buyer can try to negotiate an informal extension of the lease with the landlord once they have purchased.
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
- Freehold vs leasehold conveyancing flowchart
- More Frequently Asked Questions on Purchase/Sale
Still not found the answer?
Contact LEASE to have your enquiry dealt with by one of our experienced advisers