Buying a home with 82 years left on lease

FataVerde

martindow said:

FataVerde said:

Apparently, they need a quick sale/move because of a family emergency.

This would make me a little uneasy.  It may be true, but someone leaving after only a year will inevitably raise questions with buyers.  The vendor would need to find some vague but plausible reason like this if they have discovered a major problem with their flat.

I joined a FB leaseholders' group from this particular neighbourhood and they all cautioned me about this. It turns out the lease is 82 years from 26/06/2021 so a marriage value will be applied. Plus the current vendors could have started the process or waited for another year to request a statutory lease, but they chose not too. I put in a low offer but now I am thinking it might not be worth the trouble as the process is too risky under 80 years.

NameUnavailable

FataVerde said:

martindow said:

FataVerde said:

Apparently, they need a quick sale/move because of a family emergency.

This would make me a little uneasy.  It may be true, but someone leaving after only a year will inevitably raise questions with buyers.  The vendor would need to find some vague but plausible reason like this if they have discovered a major problem with their flat.

I joined a FB leaseholders' group from this particular neighbourhood and they all cautioned me about this. It turns out the lease is 82 years from 26/06/2021 so a marriage value will be applied. Plus the current vendors could have started the process or waited for another year to request a statutory lease, but they chose not too. I put in a low offer but now I am thinking it might not be worth the trouble as the process is too risky under 80 years.

IMHO the offer would need to be low enough to cover the cost of the lease extension in 2 years time and some for the inconvenience and fact that they will find the property hard to sell as it is.

You will need to have the cash in your account when the time comes to extend. If you need a mortgage to buy the property and can't set aside enough cash, then a lower price isn't really going to help you in any case.

Personally, unless you have spare cash to set aside AND get the place for a suitably low price, I would keep looking.