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When I had this I thought it was simply serving the notice, which comes at little cost to you other than paying your solicitor to do it.
However, when it came down to it, either my solicitor thought that was incorrect, or just didn't want to do it. Digging deeper, it looks like the issue was that if the notice is served incorrectly, the extension process won't continue, and the new owner will be back to square one, and you will have accidentally reneged upon something that was critical to the sale. And as you've left, you can't fix it.
So I just told them nah mate, I'm not going to do it, do it yourself in two years when you can.
You might find your buyer's solicitor is highly aggressive about pursuing this. Because it doesn't cost them anything to do so.
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89 years is not a concerning amount if it was 82 years or something maybe
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Mine was not Section 42 as I had not lived there for 2 years yet. Section 42 is just the protected one that they can't refuse. Nothing to stop you contacting the freeholder and saying, "I'd like to extend the lease, how much do you want?" And if they come back with a value acceptable to you you can crack on. Saves the cost of surveys etc. You still do it through solicitors so it's all above board.
But as has been said, nothing to stop the buyers either doing what I did or waiting 2 years for the right to Section 42. I wouldn't want the initial hassle. What if they pull out of the sale and you get stuck extending a lease you didn't want to or paying the solicitors fees for abandoning the process?
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Howard
mustardbeak
stevo_com
@cjr
With all the talk of leasehold, I have a question for the hive mind. I'm selling a flat with 89 years left. Freeholder is Hackney Council. The buyer initially wanted me to start the lease extension process and they take it over which is fine. However what is the minimum I need to do for this?
Do I have to submit a Section 42 or can it be done in an 'informal' way. With a Section 42 or another way, do I NEED specialist survey done? I know neighbours who have extended the lease so there is precedent for cost etc already.