how urgent is it to extend my lease?

want2bmortgage3

I have a let out flat with 62-3 years left. I can still get a mortgage until it goes down to 55 years. I would like to use my 70k savings as a deposit on another flat. If I use 25k to extend the lease I wont have enough deposit. Is it safe to put off the extension for a few years?

da_rule

If you have a mortgage then you just have to be mindful that you might not be able to switch it once the term drops much lower, so as long as you are happy with the payments and any future increases that may occur over the term then there isn't a reason to need to extend it.

Obviously if you need to sell it quickly, having such a short lease could cause a lot of problems for potential buyers. On saying that, a sitting tenant could also be problematic in this case, but this is hypothetical.

flashg67

I guess only if you think you can come up with the money in a few years? If things changed suddenly, and you needed to sell, would a short lease make it difficult to sell? Is the lease likely to cost more in a few years?

tim123456789

the longer that you leave it, the more it will cost


and not just because the value of the property goes up