When departing leaseholder passes right to extend lease over to incoming leaseholder

[hollyhead]

Can anyone tell me how long does the new leaseholder have to extend the lease after purchasing, when notice has been passed on by the departing leaseholder to the incoming leaseholder to extend the lease? (i have re-written this a few times because I felt it doesn't make sense, so apologies is it is confusing to read)!

[leaseholdanswers]

The notice process runs as normal, all the assignment does it treat B the purchaser as having the same rights as A the vendor who served notice.

Did you or the solicitor get and respond to a Notice with a counter Notice?


rather than type it out I'll do a Jeffrey and I will borrow LEASE's list of time limits

Procedures and Statutory Timelimits

leaseholder serves S41 Information Notice (discretionary)
Landlord must respond within 28 days
leaseholder serves S42 Tenant's Notice
The "valuation date" will be fixed as the date of service of the S42 Tenant's Notice
Landlord may request additional information, but he must do so within 21 days of receipt of the Tenant's Notice
leaseholder's must respond to his request within 21 days
Landlord must serve a Counter-Notice by the date specified in the notice. This date must be at least two months from the date of service of the Tenant's Notice
Where the landlord fails to serve the Counter-Notice leaseholders must apply to court within six months for a vesting order
After service of the Counter-Notice either party may apply to the Leasehold Valuation Tribunal. This must be done no sooner than two months from, but within six months of, the date of service of the Counter-notice
Leasehold Valuation Tribunal determination becomes final after 28 days. Appeals must be made within this period to the Lands Tribunal but only with the leave of the LVT
After Leasehold Valuation Tribunal decision is final landlord must provide draft lease within 14 days
Period of two months after decision becomes final for parties to enter into the new lease
If the period above elapses without entry into new lease, then leaseholder must apply to court within a further two months requiring the Landlord to meet his obligations

[hollyhead]

We haven't been served with anything yet, but as we told the new purchaser to sling his hook (after giving him a price for an informal lease extension, then being harassed by him on other matters)!
OK I thought that when the incoming leaseholder took on the right that they may be allowed a long time to actually start the process. So have I got it right that when notice is served they only have the time limit above? If they do not go through with it in the time scales above what happens? Do they have to then wait 2 more years? Just thinking of all the scenarios!

[leaseholdanswers]

Ah no as said, the vendor A must have served notice while they were the owner. If they don't serve notice then the new owner has to wait 2 years or agree to your terms.

[hollyhead]

Thank you, I thought that was the case!