About to sell a flat but the lease renewal and fees will come out greater

seven-day-weekend

Just sell it, absorb the shortfall, get on with your life.

You might try asking either your buyer to pay a bit more, or your freeholder to charge a bit less, but don't pull out of the sale if either says no.

You will feel much better once it is gone.

tommyt-saver

Not that i’m encouraging delaying your sale, as I agree with the above post… But what will these proposed new leasehold legislation changes mean for situations like this once they are past as law? (Who knows when that will be though)

london21

jenskelce said:

I really need some advice. I uco-own a flat with my ex, we've had it for 13 years since we split as it has always been in negative equity but becuase of where we live in Cornwall being a sought after place right now the value has gone up. We have just accepted an offer of £150000 (asking price was £155000) but the freeholder won't negotiate and is charging £20000 lease renewal and extra, as yet undeslcosed, solicitor fees. As we still owe £127000 on the property, by the time the esate agents have taken their cut and we have all these other extra costs we will come out in debt. My ex wants to carry on regardless as he just wants shot of it, as do I. My husband says to stop the sale and rent it out again when our current tennants move out at the end of August but my ex will not do that (we don't even have the right mortgage for it and that freaks him out). I litreally don't know what to do for the best other than tell the estate agents that unless the invsetor who has made the offer ups his offer to £155000 to cover the unexpacted cost of the lease renewal we will have to pull out. But that would be a gamble as if he just pulls out we will have lost our buyer altogether and the only other offer we've had is for £145000. 

Any advice would be gratefully recieved at this point - I am very stressed out about it.   

I will say sell it because you haven’t had much interests. If you continue renting it, the lease extension costs will keep rising with shorter years. 

jenskelce

The buyer upped his offer - thank you everyone for your advice!

gab3x

jenskelce said:

The buyer upped his offer - thank you everyone for your advice!

Great news, good luck - it will be a huge weight of your shoulders!