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thinking about making an offer on flat with 69 year lease
peterigz
Posts: 2 Newbie
Hi all, I'm a first time buyer and found a flat I like on the market for 129950, however the lease is 99 years from 1983, so 69 years left. So I'm thinking about what kind of offer to make. They're willing to negotiate. I'm thinking it'd cost about 10kish to extend the lease using to online calculators as rough guide.
If the lease wasn't an issue I'd probably offer 125k to avoid stamp duty, but I can't see them going for 115k taking into account extending the lease. The other option is to let them extend the lease and then buy for something closer to the original offer...
Any advice greatly appreciated!
If the lease wasn't an issue I'd probably offer 125k to avoid stamp duty, but I can't see them going for 115k taking into account extending the lease. The other option is to let them extend the lease and then buy for something closer to the original offer...
Any advice greatly appreciated!
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Comments
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I'm not an expert by any means, but it may be unmortgageable if the lease is so short, unless of course you are a cash buyer.0
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Most lenders won't lend on a property with less than 70 years on the lease.0
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Get them to extend the lease prior as a condition of the purchase.0
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Thanks for the replies I see they bought it for 115k in 2010, so the lease would have been 72ish years then, not sure if that has much bearing on things. I'd like to offer 125k with the condition that they extend the lease I think...0
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I'd like to offer 125k with the condition that they extend the lease I think...
peterigz, that is very sensible to ask them to extend as a condition. Under 70 years and you will have to pay a 'marriage value' premium! Make sure you check the LEASE website.0
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