Owning your own home

its not simple. (and this is obviously without prejudice)

Effectively you are buying the interest in that property for 13 years or however long is left on the lease. After that time it will revert to either a headleaseholder or the freeholder.

UNLESS (and this is where the value in your potential purchase really lies) the lease is genuinely for 21 years. If so then you have the right to purchase the Freehold for 'the market price' (if the leasehold interest covers the area of what could be called 'a house'- not simple or straightforward in law). If it is not a house, then it is a flat and you have the right to purchase a 90 year lease extension for 'the market price'.

IF HOWEVER, it is '21 years less one day' then you will not have any of these rights and the lease reverts in 13 years.

HOWEVER, there might be an argument to say that it is a commercial lease under the auspices of the 1954 Act which would give you the right to renew your lease (on completely different terms than above) at a market rent etc etc etc. That is a whole different kettle of fish, we have run this argument a few times and it has come off sometimes but not always.

Basically PM me (I am a surveyor who has specialised in this stuff) if you want to know more but if you are going to pursue this you should get advice from a specialist lawyer on this. I can recommend. Certainly NOT conveyancers like the favoured forum conveyance as they often aren't aware of the complexities of these things.