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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?
stevo_com-
Another backup for this perspective. At 89 years, the cost to the new leaseholder will not be significantly higher between 89 when you're selling it, and 87 when they can extend after the mandatory two years, as marriage value is not in play. I would tell them that they should do it formally after completion.
ReekBlefs
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.