I am offering on a flat with a 78 year lease. The vendor does not wish to extend the lease before selling but has proposed to apply for a lease extension that I would be entitled to take over on completion of sale. The EA said this would be around £15,000 to add 90 years or around £5,000 to extend by 21 years.
The shorter lease extension terms are appealing to me but I am worried. I believe the 90 year extension is the statutory process and would have to be granted if the vendor serves the proper notice, but can I be secure that the shorter extension terms will be honoured after completion as I understand that their is no entitlement to non-statutory extension normally? Cheers
The shorter lease extension terms are appealing to me but I am worried. I believe the 90 year extension is the statutory process and would have to be granted if the vendor serves the proper notice, but can I be secure that the shorter extension terms will be honoured after completion as I understand that their is no entitlement to non-statutory extension normally? Cheers