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To extend or not - dealing with the ex
Sting003
Posts: 1 Newbie
So, this is the situation:
My ex boyfriend and I bought a flat together over 9 years ago but we then split up and decided to rent it out as neither wanted to sell to the other. This has been an OK situation so far but I am now starting to become concerned about the lease on the flat ticking down. We looked into extending the lease last year and were quoted with £7,700 and as house prices in the area haven't changed much I'd expect that figure to stil be about the same. I believe the lease is now down to 77 years and so my question is, should we look at extending the lease while it's affordable or let it tick down to nothing and continue to enjoy the rental income? He says that the agents have told him that an extension is a waste of money, but I think that it will make things difficult in the future if we don't do this soon, any thoughts?
My ex boyfriend and I bought a flat together over 9 years ago but we then split up and decided to rent it out as neither wanted to sell to the other. This has been an OK situation so far but I am now starting to become concerned about the lease on the flat ticking down. We looked into extending the lease last year and were quoted with £7,700 and as house prices in the area haven't changed much I'd expect that figure to stil be about the same. I believe the lease is now down to 77 years and so my question is, should we look at extending the lease while it's affordable or let it tick down to nothing and continue to enjoy the rental income? He says that the agents have told him that an extension is a waste of money, but I think that it will make things difficult in the future if we don't do this soon, any thoughts?
0
Comments
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At some point it will bite you in the !!!. At some point you are going to want to sell, or someone who inherits it from you is going to want to sell. With every year that passes the cost of extending the lease goes up. You are already under 80 years. I would want to deal with this sooner rather than later. If you want to extend but he doesn't maybe someone here with some more knowledge can comment on the legalities of forcing him to.0
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