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Buying a Flat - Leasehold
Experting
Posts: 39 Forumite
Hi all,
I am looking to buy a flat (first time buyer) which has 89/90 years on the lease, I just have a question
If i want to renew the lease, how does it work? Would i just be renewing the lease on my flat or do i have to get everyone in the block to agree to renewing the lease to the flat I'm going to buy?
Would i be better asking the seller to engage the freeholder saying they want to add to the lease before i buy? Then transfer the thing over to me? As i know you have to own the property for 2 years before you can do anything.
I am looking to buy a flat (first time buyer) which has 89/90 years on the lease, I just have a question
If i want to renew the lease, how does it work? Would i just be renewing the lease on my flat or do i have to get everyone in the block to agree to renewing the lease to the flat I'm going to buy?
Would i be better asking the seller to engage the freeholder saying they want to add to the lease before i buy? Then transfer the thing over to me? As i know you have to own the property for 2 years before you can do anything.
0
Comments
-
Hi all,
I am looking to buy a flat (first time buyer) which has 89/90 years on the lease, I just have a question
If i want to renew the lease, how does it work? Would i just be renewing the lease on my flat or do i have to get everyone in the block to agree to renewing the lease to the flat I'm going to buy?
You would just be extending the lease on your flat. Others don't have to extend at the same time.Would i be better asking the seller to engage the freeholder saying they want to add to the lease before i buy? Then transfer the thing over to me? As i know you have to own the property for 2 years before you can do anything.
With 89 years unexpired on the lease, there is no particular urgency to extend it.
But if you do ask the seller to kick-off the statutory lease extension process by serving a section 42 notice, I guess you need to make sure you have the funds to complete the process.0 -
There is something over the 80..82??? year mark with leases, that is a sweet spot ... if i remember correctly, but can't remember exactly what, but think it was part of a money calculation.
Also with a new lease, the ground rate may go up to market value rather the the £10 a year for most council flats.0 -
There is something over the 80..82??? year mark with leases, that is a sweet spot ... if i remember correctly, but can't remember exactly what, but think it was part of a money calculation.
Lease extensions cost more when the existing lease length drops below 80 years.Also with a new lease, the ground rate may go up to market value rather the the £10 a year for most council flats.
With a statutory lease extension, the ground rent becomes zero.0
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