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Selling up need some advise please .....
MRSM1983
Posts: 34 Forumite
Hello everyone,
I am very new to all of this but I have a question.
I am looking to sell my flat but the problem I have is that the lease is currently really low at 61 years. It costs £12,00 to renew. Other than that it is a lovely flat that I htink should sell easily. So my question to you is do you think I will be able to sell it with the current lease or do I pay for it to be incresed? something I cant really afford to do.
any suggestions would be greatly apprecaited.
Thank you
I am very new to all of this but I have a question.
I am looking to sell my flat but the problem I have is that the lease is currently really low at 61 years. It costs £12,00 to renew. Other than that it is a lovely flat that I htink should sell easily. So my question to you is do you think I will be able to sell it with the current lease or do I pay for it to be incresed? something I cant really afford to do.
any suggestions would be greatly apprecaited.
Thank you
LBM: Sept 2010 :mad:DFW by 01 January 2016 :
Debts:[STRIKE]Argos £320[/STRIKE], Creditcards - [STRIKE]£21,000[/STRIKE] £17640, Santander loan [STRIKE]£11,250[/STRIKE] /£2750,Overdraft £1500, [STRIKE]Parents £6900 [/STRIKE]/£4000,in laws 1 [STRIKE]£9500 [/STRIKE]£1250 ,in laws 2 £2000.:eek:
Total Oct 10: £57320 :mad: July 2013 £29,140:eek:
Debts:[STRIKE]Argos £320[/STRIKE], Creditcards - [STRIKE]£21,000[/STRIKE] £17640, Santander loan [STRIKE]£11,250[/STRIKE] /£2750,Overdraft £1500, [STRIKE]Parents £6900 [/STRIKE]/£4000,in laws 1 [STRIKE]£9500 [/STRIKE]£1250 ,in laws 2 £2000.:eek:
Total Oct 10: £57320 :mad: July 2013 £29,140:eek:
0
Comments
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Buyers will struggle to get a mortgage against such a short lease.0
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opinions4u wrote: »Buyers will struggle to get a mortgage against such a short lease.
Will they?
Most lenders will expect 30 years at the end of the mortgage remaining, and a minimum of 60 years (LBG require 70) so should be ok with most lenders, whether increasing the lease will add value, you need to speak to an estate agent really and get their opinion as to whether it would be worthwhile, I suspect although it would make it easier to sell, you would not recover your cost.I am a mortgage adviser.You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Hi
Thank you for your posts.
I think I may put it on and see how it goes. Hopefully people shouldn't have to many problems, we bought it with a 64 year lease and got a mortgage first time, I did just wonder wether or not that would change in the current climate?LBM: Sept 2010 :mad:DFW by 01 January 2016 :
Debts:[STRIKE]Argos £320[/STRIKE], Creditcards - [STRIKE]£21,000[/STRIKE] £17640, Santander loan [STRIKE]£11,250[/STRIKE] /£2750,Overdraft £1500, [STRIKE]Parents £6900 [/STRIKE]/£4000,in laws 1 [STRIKE]£9500 [/STRIKE]£1250 ,in laws 2 £2000.:eek:
Total Oct 10: £57320 :mad: July 2013 £29,140:eek:0 -
I recently did a mortgage for a couple buying a house with what turned out to be 56 year remaining lease. Although some lenders want longer, most seem to be term + 30 to 35 years. Abbey ended up best deal
What was interesting was the difference in prices for the properties where the freehold had been purchased and those still on lease. We reckoned the differential at almost £40,000 on a £140,000 purchase.
To the OP, you either pay out to renegotiate now, or you price the flat at a level which reflects the work needed on the lease. If there are other flats nearby in a similar situation, take a lead from them and discuss with your estate agent and solicitor.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Has the cost of the lease extension been negotiated? Or merely presented to you?0
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