Extending Lease

muzzy81

Roughly how much do you think it cost me to renew/extend a lease too 100years on a detached house, value at present is around £140,000 with a 46 year lease
Would it be advisable to purchase this property with only a 46 year lease?

Sue11

There is a mortgage calculator here on MSE you will have to know the ground rent, on the property. You most probably won't get a mortgage on this property but could buy it for cash if possible. I have just bought one that had a 48 year lease on it and the owners had to pay £37,500 to renew the mortgage prior to me buying it.

muzzy81

Thank you Sue, was that the owners had to pay £37,500 to renew the lease? how long was the lease renewed for?

eddddy

If it's a house (rather than a flat) it's more usual to buy the freehold, rather than extend the lease.

Here's a bit of info: http://www.lease-advice.org/faq/i-cant-afford-to-buy-the-freehold-of-my-house-can-i-extend-my-lease-instead/

You need to own a house for 2 years before you're eligible to compulsorily buy the freehold. To avoid this, the seller can start the process, and pass the benefit to you.

You probably won't be able to get a mortgage with a 46 year lease.