Many executors are unaware of their rights to extend a leasehold on a residential flat or house, and the useful benefits this can bring. If leasehold residential property forms part of the estate in question, then, as long as the executor acts to start the application to extend the lease by serving the formal notice of claim within two years of probate being granted, they have the same rights as the living homeowner may have had. The deceased person has to have qualified for the lease extension themselves, which usually means having owned the property concerned for at least two years.
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Options open to an executor
If these conditions are met, the executor has two options. They can either go straight ahead and extend the lease [possibly by making the most of using some of the cash in the estate to pay the freeholder’s premium, surveyors fees and both sets of legal costs], or start the process with the aim of putting the property on the market.
As long as the executor has started the process of lease extension, this can then be handed onto the person who buys the house or flat. The new purchaser therefore doesn’t have to wait for the two years needed for him to start the lease extension and saves money too.
A property which already has a lease extension underway is worth more than one which does not, and it is more appealing to home buyers too.
Thinking of a Leasehold Extension? Contact our Experts
Here at Bonallack and Bishop, we have a team of specialists in both Leasehold Enfranchisement and Lease Extension – that’s all they do and they can represent you wherever you live in England and Wales – so for FREE initial phone advice just
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