Extension on a Private Property Lease
We acted for a client who was selling a private flat. Only when a sale had been agreed and we were instructed, did she realise that the lease had only 60 years to run and was not acceptable as security to the buyer’s lender, and therefore not acceptable to any buyer, without the lease being extended.
There is a statutory procedure for extending the lease by 90 years. There is a strict timetable and whilst most people would be advised to contact their landlord to agree the extension, in this case the landlord was a company that had been dissolved several years before, and therefore could not grant the extension.Continue Reading... Buying a PropertyCo ownershipCommercial & Residential PropertyConveyancingConveyancing costsDelays in the Conveyancing Process GuideFirst RegistrationFor YouLeasehold propertyLost Title DeedsPurchaseRemortgaging Your PropertyResidential PropertyRetirement PropertySaleSelling a PropertyTransfers of Ownership