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Leasehold on Shared Ownership ? Help
WorriedFTB_2
Posts: 72 Forumite
I wonder whether anyone has any advice on this or had any similar experiences when buying a shared ownership property .
We had a mortgage offer on a shared ownership house ,subject to valuation .The property has 82 years leasehold .
The valuation came back today saying :
"The value reported is for the 100% share of
the Leasehold. The unexpired lease of 82 years is already beginning to affect the value of the
property. The applicant is recommended to contact the Freeholder with a view to extending the
existing lease to protect the future value of the security. Lender's solicitors should confirm
prior to the Advance that the lease can be extended "
I can't understand how is affecting the value of the property as it was valued at £350K last July and is now £430K .
I wonder how difficult and hos much is to extend it I looked at the Metropolitan Housing website and there isn't anything at all ...
I guess I shall wait and see what the lenders say
We had a mortgage offer on a shared ownership house ,subject to valuation .The property has 82 years leasehold .
The valuation came back today saying :
"The value reported is for the 100% share of
the Leasehold. The unexpired lease of 82 years is already beginning to affect the value of the
property. The applicant is recommended to contact the Freeholder with a view to extending the
existing lease to protect the future value of the security. Lender's solicitors should confirm
prior to the Advance that the lease can be extended "
I can't understand how is affecting the value of the property as it was valued at £350K last July and is now £430K .
I wonder how difficult and hos much is to extend it I looked at the Metropolitan Housing website and there isn't anything at all ...
I guess I shall wait and see what the lenders say
0
Comments
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I have been reading online and seems like we can't extend the lease if we only own a share ...
Will be talking to the solicitor today ...😫0
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