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Lease extension query
spam1
Posts: 1 Newbie
I live in a block of 6 flats, each of us own a 1/6th share of the freehold.
We have approx. 75 years left on our lease.
We were told when we purchased the property (in 2007) that if we want to extend the lease, we will only have to pay solicitors fees: We have recently been quoted approx. £500 per flat.
Were hoping to sell next year, will this affect the property value if its not extended? As we are joint freehold owners why do we need to extend anyway??
Any help would be much appreciated!
We have approx. 75 years left on our lease.
We were told when we purchased the property (in 2007) that if we want to extend the lease, we will only have to pay solicitors fees: We have recently been quoted approx. £500 per flat.
Were hoping to sell next year, will this affect the property value if its not extended? As we are joint freehold owners why do we need to extend anyway??
Any help would be much appreciated!
0
Comments
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80 years is the point where people can begin to have problems getting a mortgage so it's a very good idea to extend. Not only that but people find it reassuring to see a longer lease even if you do have part of the freehold so it could make some buyers a bit more interested.
Even though you own part of the freehold you still need a lease and leases running low can begin to affect property value significantly.0
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