Lease Extension – Two year restriction?Make Text Bigger
My wife and I own a small flat which we wish to sell. We have prospective purchasers, but they want to extend the lease from its current term, of 92 years, up to 99 years, even though they are cash buyers and not restricted by terms of lenders.
They are willing to pay for the extension, but they think that once they have purchased the flat, the lease cannot be extended until two years have passed. They therefore have asked us to have the lease extended prior to their purchase being completed.
Is there a restriction of two years, or would they be able to have the lease extended as soon as they complete the purchase?
From the Leasehold Advisory Service >> https://www.lease-advice.org/faq/how-long-do-i-have-to-wait-before-i-have-the-right-to-extend-my-lease/
How long do I have to wait before I have the right to extend my lease?
Assuming you are a qualifying tenant in all other respects, you have the right to extend your lease once you have been the registered owner of the flat for two years. You do not have to have lived there, just owned it.
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