Do executors have the right to apply for a statutory lease extension?
Yes – and this can prove very useful. Provided that they do so within two years of the date of grant of probate, the executors can apply to extend the lease on a residential leasehold flat or house by serving a formal notice of claim. The only limitation is that the deceased must have qualified for that lease extension themselves – including having owned the property themselves for a period of at least two years.
As a result, an executor can either go ahead with extending the lease themselves, or can put a property on the market with the benefit of the notice of claim, which can then be assigned onto the purchaser – so the new purchaser immediately has the right to a leasehold extension upon completion of the sale without having to wait two years, and the vendors do not have to go through the expense of paying to extend the lease themselves. This of course increases the value of the property, not to mention its marketability.
Need expert help with your lease extension?
Our team is really specialist – lease extension work is all they do for clients with leasehold property throughout England and Wales. To instruct us, or for FREE initial phone advice,
- call us now on 01722 422300 OR
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