Selling a Leasehold Flat

Davesnave

Hardup49 wrote: »

Thanks for your comments.
I do seem to have a problem in finding out how much one of these flats that now has an extended lease would cost to buy these days. I am only being given a value of what my flat is worth as it stands.

Then you would look at Rightmove's extensive lists of sold prices for comparable property in your area. This is better than examining current property on sale, because it reflects what people actually paid, not asking prices.

However, due to the speed at which the Land Registry sends out the data, there is always a 3 month lag before a sale appears.

System

I did not find that comment from 2bFrank showed any 'light humour'.
I should probably not have added the final sentence in that reply but it was because I found the original comment offensive as I said.
I did not realise that I was 'grading' the replies I received. I was just choosing to reply individually to each respondent if I wanted to add more information. And some replies are always more useful than others aren't they? People can choose to click the Thank You button or not, is that grading a reply?
Suffice to say, it is not my intention to be offensive in any manner and I try to word my responses accordingly. When you cannot hear the voice of the person it can sometime be difficult to judge the tone of their reply. It can also be more difficult when people write in brief phrases or odd words here and there. If I have caused offence then I apologise.
I do not wish to get into any arguments or further discussions about replies.

G_M

Hardup49 wrote: »

I did not find that comment from 2bFrank showed any 'light humour'.

I did.


His reference to your pensioner status and the remaining lease length was helpful in a light-hearted way. Obviously (to anyone who does have a SOH!) he was not seriously recommending you simply wait for the Grim Reaper to lead you down to the banks of the Stix, but that is indeed an option - by the time the lease you own expires, you will have been ferried over the river........

Tom99

Hardup49 wrote: »

Thanks for your comments.
I do seem to have a problem in finding out how much one of these flats that now has an extended lease would cost to buy these days. I am only being given a value of what my flat is worth as it stands.

Ask a few EA to value your flat with a long lease. A statutory extension will get you a 150yr lease at £0 ground rent.
Then use a calculator like this to give you a rough idea of what you will pay to extend the lease.
https://www.freeholdcalculator.com/leasehold_extension.php
Remember you also have to pay both sides costs which could easily run to £2,000-£3,000
If you really cannot afford a statutory extension you could try negotiating informally with the freeholder. Say a 99yr lease with a rising ground rent.
Its unlikely you will get the same value for money that way and some freeholders can see it as a way of making more than the extended lease is worth and taking you for a ride but at least then you will have a mortgageable and saleable lease.

System

My sense of humour has definitely taken a knock over the past several nightmare years but there is no excuse for what I expect some respondents regard as 'frank' or 'blunt' replies. I have already given my apologies if I have caused anyone any offence.

diggingdude

I think we need to be equally blunt. ask the estate agent what you will actually get for the property no BS. Then decide if you can sell at that price. If you can then go for it if not you'll have to stay where you are