Extension of the lease - Now or later?

trelloskilos

Hi all. I've got a bit of a dilemma, and I am wondering what to do.

I am currently in the middle of buying a flat. When I first queried the time left on the lease, I was initially told 102 years. However, a month or two down the line, the paperwork has come through, and it tells me there is only 89 years left.

I have contacted the vendor's agents about this, and been presented with a choice. Either I can wait for 2 months while the vendor applies for the lease to be extended, or I can reduce the price on the flat, and extend the lease after 2 years.

So far, the council (Leaseholders) have told me they cannot give me a figure at all, as the lease is still pretty long. I'm not in a chain or in any rush to move, so I can wait for the 2 months. It is odd, cos the council acknowledged that they had made a mistake (to all intents and purposes, the lease was supposed to be 102 years, but the document had not been updated), but the council are also effectively saying "Tough!", and are unwilling to assist the vendor in correcting it.

I know to several, a lease of 89 years is perfectly OK, and a number may be asking why all the fuss. However, I am buying to let, with the option to sell quickly if I have to. A longer lease is a more attractive option to any potential buyer.

I would prefer the lease in place if/when I come to sell the flat, but my dilemma is do I request the vendor to do it for me, or should I reduce the price a bit, wait 2 years and pay the council to extend the lease later on?

TrickyDicky101

It'll cost less to extend now (may not be a significant amount though as 89 years vs 87 years isn't a massive difference) and should you need to sell quickly in the future it means you won't have to worry about it then. If it isn't a problem waiting the 2 months now, I would go with this option.