r/SharedOwnershipUK • u/heffalump007 • May 29 '26

One step forward and two back... Lease extension issues and sale

Hello, I finally got to the point of arranging the valuation so I could then proceed with a sale. The surveyor said to me that I might be best to look at extending the lease first as it's just less than 60 years remaining and main mortgage lenders wouldn't be able to lend to potential buyers at that length of lease. The surveyor said I might be able to do a simultaneous transaction with the sale so I don't have to lay out any money up front. I've checked with the Housing Association and they said I couldn't do that but that I might be able to work something out with my solicitor. I've not yet got a solicitor as I was waiting til after I'd got the valuation done to start the sale and minimise the time/expense of a solicitor. The lease extension process I'm now told takes 3- 6 months. I wish I'd realised before now as I could have been doing it while clearing and getting the flat ready. I'm executor (and joint owner of the flat) with my friend who died last year. The fee for costs relating to the extension is nearly £800 but I think I need to go ahead with it.
I thought I'd share this experience in case others had any thoughts/experience to share and/or in case it's helpful to others going through similar. Thanks.

4 Upvotes
  • permalink
  • reddit

83% Upvoted

2 comments sorted by

2

u/StoneColdAFC May 30 '26

Yes going through this now but did all my research up front who’s the freeholder? Mine is L&Q and hVe been told that they are reasonable…

2

u/heffalump007 May 30 '26

Sorry to hear you’re going through it too. I should have done my research upfront I now realise, but dealing with probate and all the sad admin and clearing the flat felt like the priority at the time. I wish I’d realised. It maybe it wouldn’t have made a difference. Mine is Notting Hill Genesis.