How long do have to pay for the lease extension

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    How long do have to pay for the lease extension

    I am thinking of buying a property with a very short lease - 7 years. It could be extended by 90 as it was originally a 50 year term. The present owner is serving notice on the landlord which would be assigned to me. As I understand it the date for the extension will be set at the point the current owner serves notice. My question is once the leasehold premium is established - I guess this would take a few months - how long do I get to pay the premium?

    #2
    I believe it's one year after notice is served, isn't it?
    To save them chiming in, JPKeates, Theartfullodger, Boletus, Mindthegap, Macromia, Holy Cow & Ted.E.Bear think the opposite of me on almost every subject.

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      #3
      You can string it out for a year if you are prepared to pay the professional costs on your side if so doing - the landlords costs will not increase by much if there is a delay

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        #4
        And from when the premium has been agreed. How long do I get?

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          #5
          Originally posted by splodge2001 View Post
          And from when the premium has been agreed. How long do I get?
          However long you agree with the freeholder.

          The freeholder is entitled to 10% of whatever offer you make as soon as you have put in a formal request, and the extension will not normally be considered complete until you have paid the balance in full.

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            #6
            Originally posted by Macromia View Post

            However long you agree with the freeholder.

            The freeholder is entitled to 10% of whatever offer you make as soon as you have put in a formal request, and the extension will not normally be considered complete until you have paid the balance in full.
            According to LEASE you have 4 months to complete once premium agreed
            https://www.lease-advice.org/article...ng-your-lease/

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