Why are there so many short lease properties on the market?

vasso

Hello. There are many flats for sale at the moment with a lease c. 85 years. The estate agents suggest to reflect this on the asking price and reduce it accordingly. The question is by how much? It's not only the extension but the legal fees. Also, if it's below 82 years, then the extension is getting very expensive. 

An estate agent told me that the legislation is going to change and owners will be able to buy long extensions for less money. Is it worth buying a properly with short lease and wait for this change or is it wishful thinking? 

I would be grateful for any suggestions. Many thanks

BarelySentientAI

The law change might make it cheaper and might make it more expensive, it's not clear or complete yet.

veronikamoneva

there's a law coming in force making the leasehold properties [houses mainly] illegal - I keep seeing a lot of leasehold houses on the market. Good time to get yourself a bargain, if it's forever home and you're not bothered abut selling it afterwards

BarelySentientAI

veronikamoneva said:

there's a law coming in force making the leasehold properties [houses mainly] illegal - I keep seeing a lot of leasehold houses on the market. Good time to get yourself a bargain, if it's forever home and you're not bothered abut selling it afterwards

Apart from historic leasehold estates, housing associations, shared ownership, agricultural leases, NT properties, retirement properties, home finance plan leases.....