Increasing the Lease.. Is it really this cheap?

Kuztardd

deleted thread

figgles

How much is the annual lease, and have you thought about just purchasing it outright? If you have a look around, I think after 2/3 years of living in a property you are legally allowed to buy the lease and the lease holder has to offer to sell you it at a reasonable price (10-20 times annual lease value).

I've got this info from searching about so someone may want to step in and correct some of it if they have first hand experience! I've just moved into a property with an annual lease and am considering purchasing it when I can (depending on the costs).

Stunned_11

figgles wrote: »

I think after 2/3 years of living in a property you are legally allowed to buy the lease and the lease holder has to offer to sell you it at a reasonable price (10-20 times annual lease value).

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Thats what we have been told. We will be paying £100 a year for the lease but after 3 years we can buy the land for £1800

EdInvestor

Flats are different from houses.

OP, how many years are they offering?

Solicitors costs are normally around £500.

EdInvestor

The 15k might buy you the full extension to 175 years.