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.