Leasehold renew or not

Beverley_Hillbillies

We have 49yrs left on the lease, we're thinking of selling, renewing the lease is estimated around £20+K, we haven't got that kind of money,

Prior to selling, is it worth having a personal loan and paying for the extended lease or selling the flat with at a much lower value given it only has a 49yr lease?

poseidon1

Relatively straightforward arithmetic.

 What's it worth with a long lease ( say 90 years added to the exsisting 49), and what's it worth as as unmortgageable cash buyers only property with its present lease?

Once you have done that basic due diligence you can calculate the benefit of borrowing money to extend the lease.  Obviously, you hope to obtain a profit by extending the lease far in excess of your outlay.

Neil49

You also need to consider that any prospective buyer would have considerable difficulty in getting a mortgage approved with such a short lease. Yes, they could include the cost of extending the lease in their proposal to their lender but it makes it very messy. 

You could sound out a local estate agent to get their take on it without committing to using them to sell the property. 

Beverley_Hillbillies

This is great advice, thanks both