Very annoyed,leasehold shorter

EdInvestor

If money is so tight, shouldn't you really be looking at how much it will cost to extend the lease?

Just to confuse matters, according tothis article there has just been a court case which could put up the price for lease extensions on cheaper properties.

Ask the estate agent, and get your solicitor to inquire.Other estate agents in the town also ought to have a rough idea of how much extensions cost.

There's no point in buying the flat if you can't subsequently afford to extend the lease - you will just find yourselves in the same position as the current vendor later, only it will be worse as the lease will be shorter ( and extending it will be more expensive).

Ideally in this sitiuation, the vendor starts off the lease purchase process before the sale so the buyers can complete it, and the flat price is adjusted to cover the cost (this is negotiable of course).

I'd say you're in a reasonable position to force your vendor to do this.

continualdiamond

Thanks for all the replies, i've read each one carefully, trying to take in as much information as i can.

We just really love this property, we've viewed like i said 10 others and for the price £82000 its worth it. I know the lease is affecting the price etc and im actually going to try and negoiate on the price (£80000 maybe).

Sadly we haven't enough time for the vendor to extend the lease, had this information come to light when we put our offer in (July 31) we would of definately wanted to this happen and pay the vendor to extend the lease. But now we have a mth time scale as our rental property agreement ends 10th Nov.

Again thank you for all the replies, just hope i can sort out this issue, nightmare when you really love the place.