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Increasing the Lease.. Is it really this cheap?

Kuztardd
Kuztardd Posts: 153 Forumite
Part of the Furniture 10 Posts Name Dropper Combo Breaker
edited 5 January 2010 at 11:13AM in Mortgages & endowments
deleted thread
--- Meh ---

Comments

  • figgles
    figgles Posts: 99 Forumite
    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
    Stunned_11 Posts: 6 Forumite
    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).

    .

    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
    EdInvestor Posts: 15,749 Forumite
    Flats are different from houses.

    OP, how many years are they offering?

    Solicitors costs are normally around £500.
    Trying to keep it simple...;)
  • EdInvestor
    EdInvestor Posts: 15,749 Forumite
    The 15k might buy you the full extension to 175 years.
    Trying to keep it simple...;)
This discussion has been closed.
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