'Long Lease'????

Daveyb

Hi there

I am interested in buying leasehold flat. The estate agents websote says it is to be sold with a 'long lease' which i assumed meant that the lease would at least be over 80 years (so that to renew the lease would not involve the marriage charge). However i did a search on the land registry which seemed to show that the lease is a 99 year one that was taken out in 1973 - so would only have 60ish years remaining.

Firstly what do estate agents mean when they say 'long lease'? the official definition seems to say that it is only a lease of over 21 years! maybe the lease has been extended recently but the land registry has not yet been updated?

Secondly, if there is only 60 years remaining, does anyone know roughly (ballpark figure) how much it would be to extend the lease on the flat. The property is on the market for 220K. would another option be to buy the feehold for the building (there are only two flats in it).

Thanks for any help/advice you can offer me

herbiesjp

There is no set definition

Ask them for the exact details - no point in giving you approximates or you making assumptions.

And then look here for a rough idea on costs(scroll down to extending your lease) once you have the information.