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Estate agent said 99years left on lease, valuation says 70years...
zweety
Posts: 61 Forumite
Hi,
It is Saturday night and i have just received the valuation report carried out by my mortgage company (ING Direct).
I am buying a flat and the estate agent to me that there is 99 years left on the lease. I saw the property twice and asked twice!
It's still early stage and i've ust received the mortgage valuation. To the question: "if leasehold, unexpired lease term", it says "70years".
Obviously, i can't call the surveyor, ING Direct or the estate agent until Monday morning, but i'm wondering if it means what i think it means...
It is Saturday night and i have just received the valuation report carried out by my mortgage company (ING Direct).
I am buying a flat and the estate agent to me that there is 99 years left on the lease. I saw the property twice and asked twice!
It's still early stage and i've ust received the mortgage valuation. To the question: "if leasehold, unexpired lease term", it says "70years".
Obviously, i can't call the surveyor, ING Direct or the estate agent until Monday morning, but i'm wondering if it means what i think it means...
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Comments
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The estate agent can only go on the information from the seller, speak to your solicitor on Monday as they will have a copy of the lease. This is one of the first things that should have been sorted by the solicitor.Estate Agent, Web Designer & All Round Geek!0
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It's still very early stage, i guess they're just about to do that...0
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Yes it means it could cost you lots of money to extend after the 2 years that you need to occupy. It will also be difficult to sell unless you extend as the potential purchaser will find it more difficult to get a mortgage as the bank need X years left AFTER the mortgage has been paid off.0
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Download a copy of the deeds from the Land Registry (£4). It should clarify the issue.0
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How would the estate agent know? As Steve says above, he relies on the vendor.
And how would the valuer know?
The only reliable source is the lease. Check yourself via the Land registry, or rely on your solicitor.0 -
Valuers make assumptions on valuations. It is common for them to assume the length of lease, they are not solicitors and have no reason to read the lease, they just assume that the lease is of a mortgageable length; that would be 70 years or above. As long as that is the case, then he would be happy with his own valuation.
Do what trollfever says - £4 will tell you exactly how long is left very quickly.Everything that is supposed to be in heaven is already here on earth.
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I looked at the land registry website before posting my comment, but i can't find the right section...0
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'find a property'
then put in the postcode and door number and you should get a list of what is available to purchase for the house.Everything that is supposed to be in heaven is already here on earth.
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Doozergirl wrote: »'find a property'
then put in the postcode and door number and you should get a list of what is available to purchase for the house.
It's here. Don't download the freehold title though!0 -
And if it is 70 years you can find a calculator for the cost of extension at the bottom of the page here:
http://www.lease-advice.org/0
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