Leasehold Extension; what if the extension does not add value to the property?

richardw

HildaM wrote: »

... he DID manage to get a mortgage, even with only 61 years left on the lease.....

When was this?

What percentage deposit did they have?

HildaM

Put on market in January this year, completed 28 March.

I have no idea what deposit he had - presumably more than the basic 10%.

My ex-neighbour is also in the process of selling his flat with the non-extended lease. He was asking more than us and it wasn't selling, so after 3months he dropped his price to what we sold ours for and now has a buyer. Again, it is someone who needs a mortgage. Another flat is showing on Rightmove as SSTC.

So in this area at least, there is no shortage of people willing to buy flats with a short lease.

Ivana_Tinkle

IME, agents will always tell you to sell now, this minute, immediately! They just want to get you on their books now. It's not necessarily bad advice, and I'm sure they're right some of the time, but it's the only answer they ever give! I can't think of anyone I know ever being told, "You'd get much more for it if you replaced the kitchen and bathroom/built an extension/extended the lease - give us a ring in a few months when it's all finished."

OhSnap241

Thanks for that Hilda. I may not be as lucky as you in selling my propert but it's certainly made me feel a little better about considering selling