Hello, I am in the process of buying a flat in London. It has 80 years remaining on its lease, however the seller (and current leaseholder) served a Section 42 notice to the freeholder last year to renew the lease (to a 150 year term). She did this in a joint action with all the other leaseholders in the same block. The new lease is now being executed, and at this moment is with the freeholder's solicitors.
The problem is this: because the seller is in such a hurry to get this transaction done (and because there is an onward chain), the renewed lease will not be in place at the time of exchange (they are pressing for an exchange date of next Tuesday). I have been promised, however, that the renewed lease will be in place by the time of completion.
My solicitor has told me she has inserted a clause into the contract that says the entire transaction is contingent upon having the renewed lease in place by the time of completion. If this is not done I will be in a position to sue the other side.
My question is this: should I be worried, or is this business as usual? I have asked the Lease Advisory agency, an independent solicitor and a property search consultancy for their advice on their matter and they all say that this looks normal. That said, no-one can give me complete reassurance that something won't go wrong. There is always the possibility that the lease extension won't go through, even though I've had no indication it won't. Thanks.
Edit: Would it be possible to modify the aforementioned clause to say that the purchase becomes null and void if the lease is not renewed by the completion date and that I will receive a refund of all my costs (including the deposit)?