New "Have a Look at This" thread

Green_hopeful · 2 December 2024 at 6:44PM

i_like_cats said:

This has been on the market for over a year for £9m in Chelsea. Not sure why, perhaps the decor isn’t to everyone’s tastes?:

https://www.rightmove.co.uk/properties/131184809#/?channel=RES_BUY

At a lower price point, here’s a tenanted flat for sale for £100,000

https://www.rightmove.co.uk/properties/155506472#/?channel=RES_BUY

That lease extension might be costly, however.

They bought the little flat for £375,000. Only 5 years left on the lease. Bit odd using the sitting room as a bedroom and having an ensuite kitchen. A slightly smaller flat in the same block sold for £730,000 last December.

i_like_cats · 2 December 2024 at 8:09PM

Green_hopeful said:

i_like_cats said:

This has been on the market for over a year for £9m in Chelsea. Not sure why, perhaps the decor isn’t to everyone’s tastes?:

https://www.rightmove.co.uk/properties/131184809#/?channel=RES_BUY

At a lower price point, here’s a tenanted flat for sale for £100,000

https://www.rightmove.co.uk/properties/155506472#/?channel=RES_BUY

That lease extension might be costly, however.

They bought the little flat for £375,000. Only 5 years left on the lease. Bit odd using the sitting room as a bedroom and having an ensuite kitchen. A slightly smaller flat in the same block sold for £730,000 last December.

Isn’t it odd that it’s changed hands 3 times from 1996 (when the lease was 32 years), but no buyer has ever chosen to extend the lease when they purchased it?

Could that indicate that the freeholder wouldn’t previously allow it? Why would they just let it run down?

However the current listing states a Section 42 notice has now been issued to extend the lease.

Green_hopeful · 2 December 2024 at 11:41PM

i_like_cats said:

Green_hopeful said:

i_like_cats said:

This has been on the market for over a year for £9m in Chelsea. Not sure why, perhaps the decor isn’t to everyone’s tastes?:

https://www.rightmove.co.uk/properties/131184809#/?channel=RES_BUY

At a lower price point, here’s a tenanted flat for sale for £100,000

https://www.rightmove.co.uk/properties/155506472#/?channel=RES_BUY

That lease extension might be costly, however.

They bought the little flat for £375,000. Only 5 years left on the lease. Bit odd using the sitting room as a bedroom and having an ensuite kitchen. A slightly smaller flat in the same block sold for £730,000 last December.

Isn’t it odd that it’s changed hands 3 times from 1996 (when the lease was 32 years), but no buyer has ever chosen to extend the lease when they purchased it?

Could that indicate that the freeholder wouldn’t previously allow it? Why would they just let it run down?

However the current listing states a Section 42 notice has now been issued to extend the lease.

But how much is a lease extension going to cost at five years with a valuation of £730,000. I know nothing but chucking the figures into a calculator says £624000 to extend.