mainsonette lease of 59 years

tired_of_it_all

can someone give me advice please?

I am considering buying a ground floor maisonette with 59 years left on the lease. Vendor won't extend lease as he's moving to spain and not interested. I am a single female, no kids, cash buyer and intending to retire.

I am hoping never to move again and certainly won't live anywhere near another 59 years (thankfully).

One of the nominated executors of my will (extended family) has already asked what happens to THEIR share of my money if they die before me and I'm not even dead yet! (considering making a new will and not telling them ...) :rotfl:

Should I be bothered about length of the lease?

There is ground rent to pay but no service charge. Block of 10 flats (5 ground floor, 5 first floor) Is it usual that upstairs responsible for roof and ground floor for drains/water or is it best to get solicitor to check this out?

thanks for your help

bouicca21

Well as a single female cash buyer intending to retire I was certainly worried about the length of the lease. I'm not intending to move again, but supposing I change my mind? Or need warden type accommodation? Or need funds for a nursing home?

I wanted to guarantee I could sell and buy somewhere else should I need to. Plus I do have children and hope to pass something on ( and actually I have made provision in my will for them predeceasing me, heaven forfend).

bouicca21

PS as to who is responsible for repairs - read the lease. Why is there no service charge?

jamie11

The probable reason your vendor will not extend the lease is the cost of doing so, with only 59 years left it's going to be very expensive.

Are you able to contact the freeholder? Can you get a quote to extend by 99 years?

A very short lease remaining will make the property very difficult to resell, either for you or your executors.

tired_of_it_all

Thanks Jamie. I will get a quote.

eddddy

tired_of_it_all wrote: »

Thanks Jamie. I will get a quote.

Just to explain the process a little...

If you ask the freeholder "How much would you sell me a Lease Extension for?", they can pick whatever price they choose - it could be £5,000 or £50,000 or a straight refusal to sell.

But once you've owned the leasehold for 2 years, you have the statutory right to buy a lease extension at a price calculated by a statutory formula. (But many freeholders won't co-operate with this route, because they cannot charge "whatever they want".)

Taking the statutory route means you have to serve notices on the freeholder etc.

If you want, you can insist that the current leaseholder serves a notice on the freeholder before selling. Then you wont have to wait 2 years.

[Deleted User]

tired_of_it_all wrote: »

There is ground rent to pay but no service charge. Block of 10 flats (5 ground floor, 5 first floor) Is it usual that upstairs responsible for roof and ground floor for drains/water or is it best to get solicitor to check this out?

thanks for your help

Yes, you should get the solicitor to check it out! It is usual for all the leaseholders to contribute to the repairs and maintenance - either equally, or on some formula depending on the value of each flat. If you don't pay regular service charges, this must be billed 'as and when'.

http://www.lease-advice.org/