lease

Tahlullah

Hello all

I am considering buying a flat. The current lease expires in 2085, which means it has less than the recommended 80 years left to run.

The current price being asked is less than what the previous owner bought it for, but the original selling price is less than the current selling price.

If I buy it, what would I have to pay to renew the lease in relation to the marriage payment? I am not looking for exact figures here! The original lease was only for 85 years, so should the first person to buy have immediately renewed the lease at that point, or am I missing something obvious?

Should I be requesting the current owner start the process of renewing the lease before agreeing a sale?

Or should I just walk away?

All thoughts gratefully received.

Tx

G_M

lease advice

Tahlullah

Thank you! This has helped enormously. I still don't understand how the flat was originally sold with such a short lease in the first place.

Tx

kingstreet

I helped a couple buy a house with a 56 year lease a few years ago.

It was about £20k cheaper as a result. The mortgage lender we used works on lease term must be at least mortgage term plus 30y, so 25 years was fine.

After three years, we remortgaged and purchased the freehold. Total cost for the latter was £8,500.

You will need a lease extention, but you are only affected by the residual term when you come to sell.