A Property Question - Leases

bing_2

Hey folks,

I've been looking around this great site for a few months now, and this is my first post.:T

I have a quick question on leases....

I have about 83 years remaining on my property, so am in 2 minds of keeping it/selling it, I've been advised by an estate agent that once the lease goes below 80 years it's difficult to shift a property and that I may start to loose money on it.

Is this the case anyone experienced this?

Also if I wanted to extend the lease who would I deal with, what is the procedure and how do they work out the cost?

Any info would be great guys/gals....

thanks

Bing....

EdInvestor

Look here for all the details on how to do it and the cost:

https://www.lease-advice.org.uk

You have to deal with the freeholder of the property.Surveyors and solicitors will get involved.It will be cheaper to do it now than when the property goes below 80 years.

Doozergirl

I'd do it now while it's cheap if you were planning on keeping it. Do you have a manging agent? Get in contact with them and they should know the process. Once you've agreed a price (you may want to have your own, independent valuation carried out) you appoint your solicitor as you did when you bought as a new lease will need to be negotiated also.

I wouldn't bother with it at all if you're planning to sell within 1-2 years. There are plenty of people out there prepared to buy with no knock on effect to the price.