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Time limit to extend lease

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Once an offer to extend the lease on a flat has been agreed, is there a time limit by which the leaseholder has to pay the freeholder, or else the deal becomes null and void?
Also, if this is the case, and negotiations begin again, could the freeholder demand a better offer? 

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( Copied from the free  guide at www.lease-advice.org )

 

As stated above, completion can take place 4 weeks after agreement on the price. However, the completion date itself is triggered by a notice, given by either party, specifying the first working day four weeks after giving the notice.

If either party is failing to comply with its obligations arising from the tenant’s notice or statutory conditions, a two month “default” notice can be served by the aggrieved party. This notice should refer to condition 10 of the statutory conditions, specify the default and require the other party to make it good before the expiration of the notice.

If the tenant fails to comply with the above notice the contract is discharged and the landlord can forfeit the deposit. If the landlord fails to comply, the contract is discharged, the tenant does not have to pay the landlord’s costs and his deposit is returned.

In most cases the tenant will wish the contract to be completed so is unlikely to serve a default notice. They are more likely to seek to use other remedies such as seeking specific performance of the contract (ie obtaining a court order to force the landlord to complete.

 

https://www.lease-advice.org/advice-guide/houses-qualification-valuation/

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Post #2 is incomplete. There are several statutory time limits in the 1993 Act, applicable following service of a s.42 Notice.

Not meeting one of them often leads to the Notice being deemed withdrawn.

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The Housing Minister at that time had good intentions but during passage through Parliament , the draft legislation  for 1993 Act  was knocked out of shape by MPs  and Lords backing  the interests of  developers and  freeholders . 

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