Leasehold 103 yrs

cherry76

Would like some opinions regarding a flat 103 yrs lease brother is buying. Will it be better if he asked the solicitor to ask Islington to grant a 999 yrs or is it better if he waits for the lease reform to see what will happen? There is no urgency. Thanks

Emmia

103 years is completely fine, won't have any issue with getting a mortgage with that number of years left.

Are Islington the freeholder?

cherry76

Yes Islington’s is the freeholder.

eddddy

cherry76 said:

Will it be better if he asked the solicitor to ask Islington to grant a 999 yrs or is it better if he waits for the lease reform to see what will happen? 

Council freeholders don't generally do 'informal lease extensions'.

So if you ask them, they'll probably tell you that, if you want a lease extension, you should do a statutory lease extension (which would currently add 90 years to the lease).

cherry76

In that case it is better to wait for the lease reform to be implemented. No need to rush with 103 yrs leasehold. Will still ask solicitor to ask Islington Thanks

eddddy

cherry76 said:

Will still ask solicitor to ask Islington Thanks

It might be quicker if you ask Islington yourself. The housing services contact details are here:
https://www.islington.gov.uk/contact-us/contact-housing-services

(I suspect they'll answer general questions, even if you are not a home owner yet.)

But Islington explain on their website that if you want a lease extension, you have to do a Statutory Lease Extension:
https://www.islington.gov.uk/housing/council-homeowner-services/your-lease/extending-your-lease

I doubt they'll make an exception for you, but I guess you can ask.

cherry76

Thanks I have seen this on their website. In that case he will wait for the reform to be implemented as I see no point if extending it to another 90 yrs now.