Short Lease and other queries

Jeffrey_Shaw

No. Merely increasing it to 99yrs. is not enough. V [vendor] should use the 1993 Act to add 90yrs. to its term.

seven-day-weekend

Jeffrey_Shaw wrote: »

No. Merely increasing it to 99yrs. is not enough. V [vendor] should use the 1993 Act to add 90yrs. to its term.

Thanks for your advice,, can you explain why it is not enough?

Jeffrey_Shaw

seven-day-weekend wrote: »

Thanks for your advice,, can you explain why it is not enough?

Because it merely postpones the day when you'll need to extend it properly. Why do the same thing twice? Double fees!

seven-day-weekend

Yes, I thought it might be that. Unfortunately, the price quoted was to put it back to 99 years. It's already £14k, neither us nor the vendor can afford any more.

If she will drop the price by the required amount (or at least by half) then we can afford the quoted price but otherwise not. I don't think she will though. Still, we can put the offer on the table and leave it there.

Otherwise we'll have to walk away, thanks for your advice, most helpful.

seven-day-weekend

We are looking at another flat this afternoon, same development, 94 years left on the lease, £80k. Will let you know how it goes.

seven-day-weekend

UPDATE: We (our son actually) are buying the flat with the 66-year lease. The vendor accepted £65k. We will extend the lease when we are able to. Someone we know with a flat in the same development has recently done this for £10k so we will negotiate. This will brifg the price of the flat up to £75k, still cheaper than others. We think we have had a good deal.

Thanks all for your advice.

seven-day-weekend

FURTHER UPDATE: Turns out the lease was the least of the problems! The management company only took over last year and are in a legal battle to charge flat owners tons of money for past repairs, plus interest:eek: Our solicitor has advised not to buy. Our son is meeting with him soon to discussthe situation fully, but looks like the sale is off.

Will look for a cheap freehold house instead!

seven-day-weekend

Solicitor has found out a bit more, turns out the main problems with the management company are to do with people who want to rent their flats out. No problems with repair bills other than the roof, which was done last year and will not affect newe buyers. Solicitor said that if our son was buying the flat to live in, then there should not be a problem.

Going ahead.

seven-day-weekend

FURTHER UPDATE:

After a slight delay to get accounts from the management company and official perrmission and FENSA Certificate for the new windows from the seller, I'm glad to say the sale will complete on 10th February. Our son got the flat for £65k, made up of a deposit of £25k and a mortgage of £40k.

Thanks all for your advice.

cattie

Well done SDW, good luck in your new home & hope you will be very happy there. I've found your post very interesting as I'm considering downsizing to a flat in the not too distant future & there is one really nice developement nearby that occasionally has flats with short leases that come onto the market. I've noticed that in spite of the short lease warning, given by the ea's with whom the properties get listed, they seem to be quickly sold.

Two bedroom houses are rare in my neigbourhood, which is the reason I'm thinking of going into a flat. I've owned leasehold properties before with no problems, so have no fear of leasehold, like some people have.