Problem with lease length

hannhol

We're in the process of buying an ex Local Authority property. Our mortgage has been approved (paper offer received weekend just gone) but our solicitor has found a discrepancy on the lease.

We made our offer based on a 103 year lease, but we have discovered the lease is in fact 94 years. Obviously this is less and we were only looking at properties that had 100 years plus to run. However, we are far enough in the process to not want to pull out, but wondered what (if anything) would be a reasonable amount to deduct from our offer to reflect this, or if we should let this one go barring any further problems. Our offer was £190k, we are FTB and as mentioned mortgage is now in place so we feel we are in a strong position. The vednor is also chain free, and keen to sell quickly.

Secondly, is it possible to work out what it is going to cost us to renew the lease by 100 years, if we did so in 4 years time. We are trying to look at two scenarios and work out the difference if that is possible.

Scenario 1: Original advertised lease of 103 years is correct, and we renew at the 99 year point

Scenario 2: Actual lease of 94 years is correct, and we renew at the 89 year point.

The ground rent is £10 per year.

Thanks in advance for any thoughts and advice anyone can offer.

Land_Registry

We deal with the subsequent registration of any extension to the lease and as such cannot really help with the questions you raise.

I would recommend the Leasehold Advisory Service though which is funded by Government to provide free advice on the law affecting residential leasehold property in England and Wales. The online information is extremely helpful and I am sure some posters will refer to this as well.