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selling a leasehold property / short lease
faithmarie
Posts: 1 Newbie
Hi,
i am currently trying to sell my flat which has 68 years left on the lease, I have been told by my solicitor that it is still mortgagable providing the lease has at least 30 years plus the term of the mortgage. But i have also been told by prospective buyers that only certain mortgage providers will offer mortgages for properties with less than 70 years on the lease....
I have thought about applying for a lease extension but have no idea how much this is likely to cost or how long it would take, or if it would be cost effective...... i also know that the freeholder is now deceased and according to their solicitor the property was left to a charity in the will but has yet to be signed over....
my property has a market value of approx £90,000..........could anyone advise me on any of the above as i am desperate to sell but am unsure of which path to take in regards to the lease extension....
many thanks in advance!
i am currently trying to sell my flat which has 68 years left on the lease, I have been told by my solicitor that it is still mortgagable providing the lease has at least 30 years plus the term of the mortgage. But i have also been told by prospective buyers that only certain mortgage providers will offer mortgages for properties with less than 70 years on the lease....
I have thought about applying for a lease extension but have no idea how much this is likely to cost or how long it would take, or if it would be cost effective...... i also know that the freeholder is now deceased and according to their solicitor the property was left to a charity in the will but has yet to be signed over....
my property has a market value of approx £90,000..........could anyone advise me on any of the above as i am desperate to sell but am unsure of which path to take in regards to the lease extension....
many thanks in advance!
0
Comments
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Having bought a property with a short lease, and now in process of extending, I negotiated a discount with the seller to reflect this. Anything under 80 years incurrs marriage value ie. it's more expensive to extend the shorter it is.
I would contact www.lease-advice.org to find out the quickest and cheapest way to extend.0
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