Bank requires the flat im purchasing to have a longer lease..

muggz

yeah theres one of two of us left!

muggz

Doozergirl wrote: »

For valuation purposes for a lease extension?

I've paid £70 for a desktop and £199+VAT for something more comprehensive.

I don't really understand though. 70 years is a point at which a few of the high street lenders (don't know whether the credit crunch has changed this) won't fall below when the mortgage is taken out. Some lenders will go to 25 years plus the term of the mortgage even. Even with a lender not accepting below 70 years, doesn't explain why they want 99 years. I'd try a different lender if you're that desperate, using a broker that is familiar with the usual required length of lease.

But you must bear in mind that you must take the cost of a lease extension into extent because the flat needs one soon. The freeholder wanting the flat is a big issue. Even if they don't buy it because you've beaten them on price, they can make the lease extension prohibitively expensive for you and the shorter the lease becomes, the more affected the price becomes - of both flat and lease extension. The cost of challenging the price legally is often prohibitive. It's a huge concern.

Hi Doozergirl,

Its for a lease extention.

The current seller needs to issue a section 42 notice which is being done. once this has been done i can complete. Hopefully the survey will sort out the freeholder trying to mess around too much.

Your desktop lease extension survey, how accurate was it and what site did you use?

cheers