Sell leasehold with benefit of lease extension Notice

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    Sell leasehold with benefit of lease extension Notice

    Im currently in the process of selling my house while also trying to negotiate a lease extension. The sale of the house is dependant on the lease being agreed - When I have served notice to the lease owners can I sell on the lease extension to my new buyers and if so is it quite a straight forward process? Im hoping to sell with the agreement that I will pay the lease extension costs however it appears this may run till it goes to a tribunal (up to 8 months!)!

    #2
    Originally posted by JPHCCFC View Post
    Im currently in the process of selling my house while also trying to negotiate a lease extension. The sale of the house is dependant on the lease being agreed - When I have served notice to the lease owners can I sell on the lease extension to my new buyers and if so is it quite a straight forward process? Im hoping to sell with the agreement that I will pay the lease extension costs however it appears this may run till it goes to a tribunal (up to 8 months!)!
    Yes. 2 ways forward:

    a. assign (to your purchaser) the benfit of your statutory notice; or
    b. extend lease yourself, then sell extended lease to your purhaser.

    ...but why extend lease? Buying freehold reversion on house is always better value (or is your "house" actually a flat/maisonette, in which case keep it leasehold?)
    JEFFREY SHAW, solicitor [and Topic Expert], Nether Edge Law*
    1. Public advice is believed accurate, but I accept no legal responsibility except to direct-paying private clients.
    2. Telephone advice: see http://www.landlordzone.co.uk/forums/showthread.php?t=34638.
    3. For paid advice about conveyancing/leaseholds/L&T, contact me* and become a private client.
    4. *- Contact info: click on my name (blue-highlight link).

    Comment


      #3
      "a. assign (to your purchaser) the benfit of your statutory notice; or"

      yes its a maisonette! Thanks for your advice so just to confirm i can sell the notice as soon as i have served the notice to the lease owners - will this effect the price they are negotiating???

      Comment


        #4
        Originally posted by JPHCCFC View Post
        "a. assign (to your purchaser) the benfit of your statutory notice; or"

        yes its a maisonette! Thanks for your advice so just to confirm i can sell the notice as soon as i have served the notice to the lease owners - will this effect the price they are negotiating???
        Yes, but benfit of Notice needs formal Deed of Assignment. Your P can then pick up (where you leave off) in extending lease, on just the same legal basis - and price - as you could have done.

        Date of valuation is date of your Notice of Claim.
        JEFFREY SHAW, solicitor [and Topic Expert], Nether Edge Law*
        1. Public advice is believed accurate, but I accept no legal responsibility except to direct-paying private clients.
        2. Telephone advice: see http://www.landlordzone.co.uk/forums/showthread.php?t=34638.
        3. For paid advice about conveyancing/leaseholds/L&T, contact me* and become a private client.
        4. *- Contact info: click on my name (blue-highlight link).

        Comment


          #5
          so i would have to have a lease extension price agreed between myself and the lease owner before i could sell it on? So i wouldnt be able the new purchaser wouldnt be able to take over once i have served notice?

          Comment


            #6
            Originally posted by JPHCCFC View Post
            so i would have to have a lease extension price agreed between myself and the lease owner before i could sell it on? So i wouldnt be able the new purchaser wouldnt be able to take over once i have served notice?
            Well, you yourself are the lease owner (so I guess that you meant "...price agreed between myself and the freehold reversioner...").

            You can either:

            i. claim extension and assign claim (even if price not agreed) when you sell old leasehold; or
            ii. yourself purchase extension (once price agreed) and only thereafter sell it.
            JEFFREY SHAW, solicitor [and Topic Expert], Nether Edge Law*
            1. Public advice is believed accurate, but I accept no legal responsibility except to direct-paying private clients.
            2. Telephone advice: see http://www.landlordzone.co.uk/forums/showthread.php?t=34638.
            3. For paid advice about conveyancing/leaseholds/L&T, contact me* and become a private client.
            4. *- Contact info: click on my name (blue-highlight link).

            Comment

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