X

Sign Up

or

By signing up I agree to Property Tribes Terms and Conditions


Already a PT member? Log In

Sign Up

Sign Up With Facebook, Twitter, or Google

or


By signing up, I agree to Property Tribes Terms and Conditions


Already a PT member? Log In

Log In

or


Don't have an account? Sign Up

Forgot Password

To reset your password just enter the email address you registered with and we'll send you a link to access a new password.


Already a PT member? Log In

Don't have an account? Sign Up

  • Leasehold Property

    Buying a Repossession - Extending lease?

    I’m looking at a property for sale that has been repossessed, share of freehold, only 65yrs on lease.

    I asked EA if the seller would be prepared to serve a S42 as a condition of sale, to which they responded:

    ‘…because it is a repossession the property is sold as seen, it is non negotiable as there is no vendor to negotiate anything’

    Is there any way I can extend the lease without having to buy and wait 2 years?

    0
    0

    http://www.smartbuild.uk.com | Structural Engineer

    As it includes a share of the freehold I suggest you speak to the freeholder's representative and ask about the terms of extending the lease.  There is a good possibility that you will be allowed to without waiting two years.

    0
    0

    Thanks Essex - I (mistakenly perhaps) thought the 2yr thing was imposed by the Land Registry.  What is the purpose of the 2yr's anyway?

    0
    0

    http://www.smartbuild.uk.com | Structural Engineer

    I think it is just part of the Section 42 requirements but you can extend the lease by mutual agreement prior to the two years.

    1
    0