Can you sell during the process of a lease extension ?

It is possible to assign the benefit of the lease extension process to a purchaser and for that purchaser to then complete the lease extension process after completion of the conveyancing transaction.

A purchaser and seller would need to agree who is to bear the costs associated with the lease extension procedure ( including service of the relevant Notices on the Landlord and the Deed of Assignment ) and the premium payable, for the lease extension.

 In a sellers market, purchasers are inclined to agree  to take on the lease extension process and to meet all the costs and premium without any contribution from the seller. In a purchaser’s or as we are in now …a falling market, purchasers ( and even purchaser’s conveyancing solicitors ) are likely to be more cautious, perhaps requiring the procedure to be completed before they will acquire the flat or that a retention ( i.e. an amount held in escrow ) be set aside from the sale proceeds to fund either the entire cost and premium or a contribution towards it. It is worth noting that the purchasers lender may require a lease extension before lending.