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77 years left on lease, landlord wants £28k to extend!

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Comments

  • HappyMJ
    HappyMJ Posts: 21,115 Forumite
    10,000 Posts Combo Breaker
    timmyt wrote: »
    ignore the above post, completely wrong.

    77 is low and will put off many buyers. Ask your Agent but also make enquiries of the Landlord and be ready to extend if needs be.

    Google 'Nick Plotnek' for help in this area
    It's not wrong if you intend to stay in the property for the next 77 years. Most people won't even live that long. So I'd consider saving the £28k and either spending it or buying somewhere else with it rather than spending it on a lease extension.
    :footie:
    :p Regular savers earn 6% interest (HSBC, First Direct, M&S) :p Loans cost 2.9% per year (Nationwide) = FREE money. :p
  • de1amo
    de1amo Posts: 3,401 Forumite
    1,000 Posts Combo Breaker
    why dont you get together with the leaseholders in the block and force the freehold buyout! then you could have a 999 year lease and control-the freeholder doesnt sound very honest!
    mfw'11 No68- 55k mortgage İO--little to nothing saved! i must do better.
  • timmyt
    timmyt Posts: 1,628 Forumite
    HappyMJ wrote: »
    It's not wrong if you intend to stay in the property for the next 77 years. Most people won't even live that long. So I'd consider saving the £28k and either spending it or buying somewhere else with it rather than spending it on a lease extension.

    Bad advice. stop!
    My posts are just my opinions and are not offered as legal advice - though I consider them darn fine opinions none the less.:cool2:

    My bad spelling...well I rush type these opinions on my own time, so sorry, but they are free.:o
  • mostlycheerful
    mostlycheerful Posts: 3,486 Forumite
    edited 10 March 2011 at 9:34PM
    Different issue, but illustrates the problem, for buying the freehold we were quoted £55k but our lawyer pointed out what a lie that was and then the ignorant and or incompetent and or cheating numpties rolled over and gave it us for £10k. So press on and sort them out. Good luck.
  • tbs624
    tbs624 Posts: 10,816 Forumite
    timmyt wrote: »
    ignore the above post, completely wrong.

    77 is low and will put off many buyers. Ask your Agent but also make enquiries of the Landlord and be ready to extend if needs be.

    Google xxxxxxxxxx' for help in this area
    timmyt - are you on commission? Try the referrer's board
  • tbs624
    tbs624 Posts: 10,816 Forumite
    HappyMJ wrote: »
    It's not wrong if you intend to stay in the property for the next 77 years. Most people won't even live that long. So I'd consider saving the £28k and either spending it or buying somewhere else with it rather than spending it on a lease extension.
    It won't be a case of "saving 28k" as that figure is way over the odds.
  • Mallotum_X
    Mallotum_X Posts: 2,591 Forumite
    Part of the Furniture Combo Breaker
    jodiesmitham wrote: »
    Hi there.

    I live in a 3 bedroom flat (worth around £160k now)

    ...He thinks the flat is valued at £200k, but none of the flat on my road have gone for that.

    The last 3 bedroom flat sold 3 months ago went for £130k!!

    Are you sure on your figures, sounds more like your flat is worth about £130k...

    Be careful with the valuations you use when making your decision.
  • de1amo
    de1amo Posts: 3,401 Forumite
    1,000 Posts Combo Breaker
    in my block we bought the freehold for 96k and each flat was approximately worth 200k at the time--that was after a lot of negotiations---there are 12 flats--freehold is much more attractive and adds value whereas leasehold is not so!
    mfw'11 No68- 55k mortgage İO--little to nothing saved! i must do better.
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