Lease extension - which of two options is best?

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My late mother owned her flat and my brother and I are administrators of her estate.

The flat is leasehold with only 56 years on the lease, but the freehold is owned by the residents in the form of a limited company, and we are able to extend the lease and will only need to pay legal fees and no premium to do so. We are planning to sell my mum’s flat.

I have spoken to two firms of solicitors today, and both have told me that the land registry is taking approx 8 months to process lease extensions at the moment.

One firm advised us not to extend the lease now but to sell the flat with the benefit of a lease extension so the next owner would be able to extend the lease - I’m not sure of the process to do this so need to clarify with them, but my understanding was that this would mean that we set up the extension, and it would come in to effect on the sale of the property. Can anyone confirm if this is the case?

The second firm advised us to apply for the lease extension now, market the property and if we had an offer on the flat, the solicitors would then apply for the lease extension to be expedited - the solicitor I spoke to said it was not unusual for lease extensions to be fast tracked in these circumstances and this could be as fast as 10 days.

I am wondering if anyone has any experience of either process, or can advise me which would be the more sensible option? Thanks!

I would do it now, it is true that the Land Registry has a huge backlog but that is just the registration part- and as the agent says, once you have a sale in progress you will be able to ask the Land Registry to expedite the process. I don't see the point in delaying as anyone buying with a mortgage will need to buy with a longer lease.
Also, a new buyer would (technically) have to wait two years before being able to extend the lease, I wouldn't advise a buyer to buy without having the lease all signed and sealed (it could be registered at the same time as a transfer but, again, I would prefer to have it registered first in case there are any problems with the lease).

Thanks Fleurchamp, that is helpful.

Option 2 if the set up with the freehold is as you say

Thanks amiw - can I ask what your thinking is re the freehold set up?

Lease extensions are taking a long time at land registry, but previous advice to apply now and expedite when you've got a buyer would be the best way to go. Expedites are then completed within 10 Working days (Pending the sols answering any queries quickly enough).

freehold set up sounds good better a company made up by tenants than individuals - as long as they manage the freehold properly. Can be hard work keeping up with legislation regulation filing etc a lot employ an agent