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My flat has 103 years on the leasehold
SAMMYE_2
Posts: 244 Forumite
Do any of you lot know when should I be looking to extend the leasehold and how much do you think I would be looking at paying?
Cheers
Cheers
[STRIKE]£106,200[/STRIKE] mortgage with 5% deposit 2 years ago on 6.99% 04/06/08 :eek:
Overpaying the max 10% per year for the next 2 years until July 2013 when I can remortgage and should be able to get down to 55% LTV.
Overpaid 10% £10,619.87 Dec 2010 & 10% £9,475 Aug 2011
Mortgage was £690 now £560
Currently £85,203 - 71% LTV 26/08/11
Overpaying the max 10% per year for the next 2 years until July 2013 when I can remortgage and should be able to get down to 55% LTV.
Overpaid 10% £10,619.87 Dec 2010 & 10% £9,475 Aug 2011
Mortgage was £690 now £560
Currently £85,203 - 71% LTV 26/08/11
0
Comments
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I wouldn't worry about it anytime soon.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
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kingstreet wrote: »I wouldn't worry about it anytime soon.
Cheers King street when do you think I should start thinking about it though...
Someone was telling me that people dont like to buy places with under 100 years on the lease and obviously the longer I leave it the more the extension usually costs.[STRIKE]£106,200[/STRIKE] mortgage with 5% deposit 2 years ago on 6.99% 04/06/08 :eek:
Overpaying the max 10% per year for the next 2 years until July 2013 when I can remortgage and should be able to get down to 55% LTV.
Overpaid 10% £10,619.87 Dec 2010 & 10% £9,475 Aug 2011
Mortgage was £690 now £560
Currently £85,203 - 71% LTV 26/08/110 -
Just found this useful webpage:
http://www.propertyinvestmentproject.co.uk/blog/how-to-extend-your-lease/
It appears that you should try and do it around the 95 years mark and certainly make sure you do it before it falls below 80 years as you will end up paying more in what is known "as a marriage value to the freeholder. This could be significant. It is a key reason why you should consider extending sooner rather than later.
You may encounter difficulties if you want to sell your flat if the unexpired term is less than is regarded as mortgagable by most lenders. Different lenders have different criteria but they are generally looking for an unexpired term of at least 60 years."[STRIKE]£106,200[/STRIKE] mortgage with 5% deposit 2 years ago on 6.99% 04/06/08 :eek:
Overpaying the max 10% per year for the next 2 years until July 2013 when I can remortgage and should be able to get down to 55% LTV.
Overpaid 10% £10,619.87 Dec 2010 & 10% £9,475 Aug 2011
Mortgage was £690 now £560
Currently £85,203 - 71% LTV 26/08/110 -
the sooner you renew it the less you pay
if it gets less than 100 years that may put off buyers if you are thinking of selling
if it gets less than 70 years then prepare to get your cheque book out as it will cost £000's when marriage value kicks in.0 -
Mine is ex-council so I am thinking that perhaps the freeholder is somehow council related!?[STRIKE]£106,200[/STRIKE] mortgage with 5% deposit 2 years ago on 6.99% 04/06/08 :eek:
Overpaying the max 10% per year for the next 2 years until July 2013 when I can remortgage and should be able to get down to 55% LTV.
Overpaid 10% £10,619.87 Dec 2010 & 10% £9,475 Aug 2011
Mortgage was £690 now £560
Currently £85,203 - 71% LTV 26/08/110
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