offering flat for £155k with a 77 yr lease - good or bad deal?

stellaforstar

i would really appreciate your opinions plse. we are trying to sell our one bed flat in south lonodn. its in good nick. it was originally on at £159,950 and we had a good , quick offer of £155k that we accepted but then found out our lease was only 77 yrs.

we offered to extend the lease back up to 99 yrs upon completion if she moved quickly and initially she agreed, but she is now still messing us around with other silly issues, so we think its now off completley (she never gets back to the EA to let us know what she wants to do), so its back on the market.

keeping in mind the 77 yr lease, we are now putting it back on at £155k, and will be willing to take offers of £145 - 150k, but not extend the lease.

do you think £155k with a 77 yr lease is ok or should we be marketing it lower? we know 77 yrs is still a morgatable term, but worried it might put people off even coming to view.

property.advert

The problem, apart from any valuation issues, is that it is presumably 22 years off the original 99 years and if the next owner keeps it for some time, then they would find themselves heading to 50 years left. I have no doubt that the new owner would not keep it for 25 years but it would be worrying me a little that the value of the property was falling each year due to the reduction in the length remaining on the lease.

Is there any scope for purchasing the freehold ?

Fire_Fox

How long is a piece of string?? Have you looked at recent land registry sold prices for your block or street? Have you started the process of extending the lease, if not why not?

ILW

Going on the info given regarding size,location etc. I would say between £90k and £1.5 million. Hope this is helpful.