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F E Smith
F E Smith, Advocate
Category: Property Law
Satisfied Customers: 9668
Experience:  I have been practising for 30 years.
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If you want to sell your semi and it only has years left on

Customer Question

If you want to sell your semi and it only has 69 years left on it's leasehold can you arrange with the buyer a price if you as the vendor put in a section 42 with an agreed price with the buyer and they carry on the negotation for the freehold?
Submitted: 1 year ago.
Category: Property Law
Expert:  F E Smith replied 1 year ago.
Do you mean sell at discount and leave buyer to rearrange the lease extension. Does the buyer need a mortgage?
Expert:  F E Smith replied 1 year ago.
Do you mean sell at discount and leave buyer to rearrange the lease extension. Does the buyer need a mortgage?
Customer: replied 1 year ago.
Havent got a buyer yet just trying to cover all avenues with things I have read about what I might be able to do
Expert:  F E Smith replied 1 year ago.
Most buyers of properties with only a short length of time left on the lease will insist that the seller applies for the lease extension. It is a point for negotiation between the two of you. There is no legal reason why it cannot be sold.If the buyer doesn’t need a mortgage, it is not likely to be as much of a problem as if they do need a mortgage because many lenders will not lend on a property unless there are certain number of years to run on the leaseIt comes down to the individual lender. 70 years left to run is not normally a problem but most lenders will not lend on 65 years to run. Yours is getting very close to that.Can I clarify anything for you?Please don’t forget to rate the service positive. It’s an important part of the process by which experts get paid.Best wishesFES