HELP? Need advise with what to do next regarding lease!!

lewishardwick

As a FTB myself who was looking at properties with 75/76 years on the lease. I would really really avoid.

Getting the current vendor to service notice for a lease extension means you'll have to find the money pretty soon. IF you cannot afford this you will have to wait the statutory 2 years before you can serve notice yourself.

This may well add a couple of thousand to your costs. Do not be lured in by Estate Agents telling you it'll be easy.

I ended up offering £20k below the asking price as a I was no worth the asking price. As expected they refused but it then went on to sell for less some months later...

Unless you have deep pockets, look for something that'll give you less hassle. You'll thank yourself for it when you're in.

Demiii

Thanks, this helped a lot.
Annoying we were never made clear enough how rubbish low lease properties can be from the start. But that's also our faults for not looking into it more.
Lesson learned!

Thank you.

hazyjo

Don't forget the cost of legals - yours and probably the freeholder's.


Jx

ognum

Demiii wrote: »

Thanks, this helped a lot.
Annoying we were never made clear enough how rubbish low lease properties can be from the start. But that's also our faults for not looking into it more.
Lesson learned!

Thank you.

I am really surprised your legal representative did not make the lease situation clear to you.

On each of the leasehold properties I have bought the very first paragraph of my solicitor standard letter contains,' a lease is a diminishing asset '

I would also expect the solicitor to carefully point out all issues in the lease and I would read the whole lease myself quite early on. Certainly before searches.

scriv

I would also find out who the freeholder and their agent is......

Demiii

We wasn't made clear how awkward a low lease property could be till we got to the part of exchanging contracts. This is went out solicitor told us it's a big problem.
Yes, well being a FTB, we thought we had read every part going, but obviously we haven't.

Lesson learned.