Freeholder Buying Flat from Leasholder

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    Freeholder Buying Flat from Leasholder

    Hi,

    My father is the freeholder of a building in which a leaseholder has put his flat up for sale.

    The flat only has 70 years remaining on the lease and we are interested in buying it.

    My father is unable to get a mortgage because of his age and I would need to take a mortgage out to fund part of the purchase too.

    My question is what would be our options to buy the flat considering we need a mortgage but it has such a short lease?

    My other question is, if I were to buy it, would my father be able to extend the lease without there having to be an exchange of the correct valuation figure? And would I have to wait 2 years to do so?

    Many thanks.

    #2
    If your father is the sole freeholder then he will be able to grant you a new lease as part of the sale process.

    If your Father is willing you won't need to wait for 2 years or have a valuation if you can agree on a price.

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