Buying A Flat with A Short Lease - Go Or No Go?

star88

Hi Everyone

Buying a flat that only has 69 year's lease, would it be diffcult to extend and expensive?

Can you extend before 2 years of owning the property ie written contract from the present owner?

Any view or information greatful

Kind Regards

anotheruser

Similar topic posted here

ognum

Most flats with that length of lease are difficult/impossible to mortgage. So if you are a cash buyer there are bargains out there.

Some freeholders will extend the without referral to the 199? Act that allows it after 2 years of ownership.

You really need to read up on costs, marriage values and facts before you go into this.

Talc1234

Leases can be extended. It will cost you although this should be factored into the asking price for the flat.

Whether it is a good buy depends on the price, nothing else.

Doozergirl

You can force a freeholder to extend the lease after a two year period. You can ask and they can oblige at any time before that.

Unless the opportuntiy was there for an absolute bargain, I would the vendor to arrange the extension. It can be done at the same time as completion, meaning that if they don't have the money, your money actually pays for it but you get the flat at the right price with a decent lease.

cattie

If the flat is priced low enough to extend the lease then it is worth considering. You can extend before owning for the legally required 2 yrs, but only if the freeholder agrees.

Many mortgage lenders are reluctant to lend on leases less than 70yrs, so often such short leases only appeal to cash buyers.

You can get more information here. http://www.lease-advice.org/calculator/ It's a government funded agency dealing with most aspects of owning residential leasehold property.

star88

The vender has had the flat for 8 years and is asking for £50,000 more than the purchase price. The flat is in London, is this a good price considering the short lease?