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Selling / Lease Extension

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  • Selling / Lease Extension

    Hi there,

    We own a property where the lease has fallen below 70 years, but we also have a share of the freehold and have granted ourselves an extension, by way of a new lease.

    The new lease has been signed by everyone necessary, our mortgage lender has given consent, and our solicitor has just registered it with the Land Registry.

    We have also just put the property on the market and have potential buyers, but I've been told it can take 2-3 months for the Land Registry to process and register the lease. Will this have an impact where a new buyer is concerned, particularly if they are looking to mortgage the property?

  • #2
    Re: Selling / Lease Extension

    It sounds like you have done everything right. The paper trial should satisfy the lender meantime.
    Jeff Djevdet
    Director of Speed Property Buyers.
    The UK’s Favourite Property Buyers
    01903 331 599.


    • #3
      Re: Selling / Lease Extension

      Hi Lateralus,

      As estate agents dealing in the sale of property we get this issue all the time, good news is you have done everything right and managed to help achieve the very best price on your property.

      Let the agent and buyer know what you have done so everybody is aware, communication is the key!

      The buyers solicitor should be happy with everything you have done as long as you can evidence it.

      Good luck in your sale!
      Jacks and Jones Estate Agents