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I'm in the process of selling my shared ownership property. It is almost at exchanging stage and the buyers now have requested to include a clause on the contract that they expect me to extend my lease before sale, at my own cost.
There is 82 years left on the current lease. The buyer has already had a mortgage offer so doesn't seem to be an issue there.
I am buying a new build that is ready to exchange, and I'm relocating for a new job.
If I have to pay for lease extension it will delay my sale by months. I am in danger of losing my new house and job.
My house has been reduced in price by 10k already before this sale, I definitely can't afford the costs involved in extending.
What are my options please?
If I served a section 42 notice between exchange and completion, and assigned it to my buyer, how much would it cost me and would I be liable for any further costs?
Any advice I'd be grateful for please.
Thank you
There is 82 years left on the current lease. The buyer has already had a mortgage offer so doesn't seem to be an issue there.
I am buying a new build that is ready to exchange, and I'm relocating for a new job.
If I have to pay for lease extension it will delay my sale by months. I am in danger of losing my new house and job.
My house has been reduced in price by 10k already before this sale, I definitely can't afford the costs involved in extending.
What are my options please?
If I served a section 42 notice between exchange and completion, and assigned it to my buyer, how much would it cost me and would I be liable for any further costs?
Any advice I'd be grateful for please.
Thank you
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