Buying a Flat with a Short Lease
Buyers of flats where the Seller has not already started the lease extension process but has owned the flat for two years can ask their Seller to serve Notice on the landlord to acquire a lease extension under the Leasehold Reform Housing and Urban Development Act 1993.
The benefit of this Notice can be assigned to the Buyer on completion and the Buyer will take over the rights and obligations that go with it. This means that as a Buyer you will not have to wait two years for the right to extend the lease to be exercised although you must bear in mind that you will take over responsibility for the costs incurred in connection with the service of the notice and will have to pay the premium which is eventually agreed or determined by the LVT. You will need to take these costs into account in the price you pay for the property.