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Alex J.
Alex J., Solicitor
Category: Law
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Experience:  Solicitors 2 years plus PQE
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The buyer of a freehold flat is asking that the leasehold (67

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The buyer of a freehold flat is asking that the leasehold (67 Years)of that flat should be extended before he exchanges contract. Is that necessary?
Thank you for your question and welcome.
My name is ***** ***** I will assist you.
This request is not essential and you could exchange without it but bare in mind the following:
(i) He may not be able to get a mortgage unless the lease is extended;
(ii) You cannot force him to exchange - he may pull out of the transaction.
What you could do is secure an option to complete the lease renewal and then let him deal with the renewal including paying the premium. Presumably the lease was valued on the basis that it only had 67 years - if you were to extend the lease then I would argue this would require the price of the property to increase.
I look forward to hearing from you>
Kind regards
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