Advice in buying a flat with 82 yrs lease

cherry76

I did not tell him the freeholder is Islington Council. Seller answered my question and he said he has already started the lease extension and notice of section 42 has been served. Will know more when I do the viewing on Saturday. Is there anything else I should be asking regarding the lease extension? Thanks

cherry76

Thank you I will need to find out whether the seller served the notice or whether his solicitor is involved. If no valuer is involved how did he guess the premiums? Not much confidence in my solicitors advice.

eddddy

cherry76 said:

Seller answered my question and he said he has already started the lease extension and notice of section 42 has been served. 

That's a strange thing to do, when a flat is for sale - before contracts haven't been exchanged.

You can't be sure when the lease extension will be completed. It could be completed before the flat is sold or after the flat is sold.

For example, the price of the flat will (presumably) be different, without the lease extension and with the lease extension - so what price do you specify on your mortgage application? And what lease length?

cherry76 said:

Is there anything else I should be asking regarding the lease extension?

Has the seller taken professional advice on the lease extension? Or are they trying to DIY it?

cherry76 said:

If no valuer is involved how did he guess the premiums? 

There are online calculators which give an indication of premium. Like this one:  https://www.lease-advice.org/calculator/

youth_leader

So sorry you are having to deal with this, wishing you the best of luck. 

I was very irritated to find out during my May visit that my 87 year old aunt has allowed her lease to drop to 75 years.  Her freeholder is her lovely neighbour who is still trying to see her solicitor.  My aunt wants to go into assisted living and her flat was valued at £130K without the lease length being known, now it is it seems she could lose £30K.  The assisted living costs £1500 per month plus council tax, she wants to extend. 

NameUnavailable

If you are getting a mortgage your lender may not agree to lend until the extension is complete. It may be better to look for another place...