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If you purchase a property and want to extend the lease, do you actually have to live in the property for two years before applying for a section 42, or is it sufficient to just own it for two years, before you can apply? 

 

Also, if the previous lease holder applies to extend the lease, just before the sale, can that reduce the waiting time for the new leaseholder? 

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You need to have been the registered owner of the house for two years. In most circumstances it does not matter whether you live there.

 

Nothing to stop a leaseholder making an informal offer before the 2 years waiting time  are reached..

 

Download the free guide to buying the freehold of the house from www.lease-advice.org .

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On 12/22/2018 at 1:37 PM, poppet2 said:

If you purchase a property and want to extend the lease, do you actually have to live in the property for two years before applying for a section 42, or is it sufficient to just own it for two years, before you can apply? 

 

Also, if the previous lease holder applies to extend the lease, just before the sale, can that reduce the waiting time for the new leaseholder? 

On 12/26/2018 at 7:56 AM, topflat29 said:

You need to have been the registered owner of the house for two years. In most circumstances it does not matter whether you live there.

 

Nothing to stop a leaseholder making an informal offer before the 2 years waiting time  are reached..

 

Download the free guide to buying the freehold of the house from www.lease-advice.org .

True. For the outgoing leaseholder (O) to assign (in favour of the incoming leaseholder (I) ) the benefit of a s.42 Notice,. there need to be:

a. a Deed of Assignment from O to I, in parallel with the Transfer TR1 for the existing leasehold; and

b.  Notice given in respect of that Deed, once completed, telling the reversioner about it, in parallel with the usual Notice of Transfer for the existing leasehold.

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But if the property is in an auction catalogue, which usually means two to three weeks before the actual auction takes place, and a section 42 has already been applied for by the outgoing leaseholder, is it possible to find out how much the lease extension will cost, before the auction? 

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On 07/05/2019 at 11:59, poppet2 said:

But if the property is in an auction catalogue, which usually means two to three weeks before the actual auction takes place, and a section 42 has already been applied for by the outgoing leaseholder, is it possible to find out how much the lease extension will cost, before the auction? 

Only if:

a. the vendor has already established this; or

b. you contact the landlord/reversioner to establish it- you might be told that it's none of your business, however. and that of course would be true at law for the time being.

 

ALSO: you cannot make the vendor assign its rights unless the Auction Special Conditions oblige it to do so.

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