103 year lease

paulbarette

Posted elsewhere but mixed responses so still don’t know what my position is. I have listed my flat for sale as we have 3 children in a 2 bed flat (we sleep on the living room floor as the kids take the bedrooms). Finally have the affordability to buy a house but run into concerns about the lease for the flat. 

I have 103 years left of a 125 year lease. Is this going to put off buyers? Ground rent is £200/year, service charge is £1000/year. I have seen the the GR is reviewed in 2054 to £400, and finally in 2104 to £800 for the final 25 years. I ‘think’ from what I can see in the lenders handbook, 50 year reviews shouldn’t be an issue, and also with the AST trap being closed on Dec 27th it should be fine.

But is the 103 years an issue? If I did find a buyer would they lose interest because they might have issues selling themselves or be stuck having to extend the lease?

really hope there’s some positives I can get in response to this…

gwynlas

Lenders look for a minimum of 70  years left after mortgage so there should not be an issue with 103 remaining.

The problems you are likely to face are the flat appearring to be overcrowded in photos and on viewing so you need to read all you can regarding preparing property for sale before you invite any agents in.

First impressions count so do not assume that anyone will realise that how you live there does not reflect on how they will inhabit the space

youth_leader

Good luck selling.  I agree to declutter ruthlessly, I've been looking on Rightmove for a property and it is distracting when people leave kitchen worktops/bathrooms cluttered etc. 

Have a look at Phil Spencer's website www.moveiq.co.uk, it's full of good hints and tips.  

paulbarette

gwynlas said:

Lenders look for a minimum of 70  years left after mortgage so there should not be an issue with 103 remaining.

The problems you are likely to face are the flat appearring to be overcrowded in photos and on viewing so you need to read all you can regarding preparing property for sale before you invite any agents in.

First impressions count so do not assume that anyone will realise that how you live there does not reflect on how they will inhabit the space

What are your thoughts on the photos?

(link removed)

We have changed the living room and may update that one - coffee table in the middle, although we now do have the Xmas tree up so not sure if that’s a wise move.

mr_stripey

I'd get rid of the air fryer, bottle steriliser and coffee machine (if that's what thet are). The fact the air fryer is on the hob indicates (to me at least) that there may be limited space in the kitchen. I'd just hide them out of the way and and other clutter on the tops.

Otherwise I think it looks a nice flat

Brie

Photos look fine to me.  Can you get it looking like that quickly if the EA rings and says someone wants a viewing "now" or in an hour?

I'd try to run down some of the supplies in the storage room so as it looks less crowded than in the photo.  

Place is an odd shape but that might intrigue some.  And nothing you can do about it in any case.  

Tabieth

Definitely declutter the kitchen. I’d also add light shades (bare bulbs don’t look great) and try and do something with the wires in the living room. The shape is unusual which may be a plus or a minus (but nothing can be done). 

Good luck. 

kingstreet

paulbarette said:But is the 103 years an issue?

It shouldn't be.

Bigphil1474

Photos look fine to me, but you shouldn't be posting links to your property so it will probably get taken down soon. I think the kitchen is fine too. That is decluttered in my book. Doesn't need to be all fenshui to be tidy. Don't think the 103 year lease will be a big problem for you.

paulbarette

Brie said:

Photos look fine to me.  Can you get it looking like that quickly if the EA rings and says someone wants a viewing "now" or in an hour?

I'd try to run down some of the supplies in the storage room so as it looks less crowded than in the photo.  

Place is an odd shape but that might intrigue some.  And nothing you can do about it in any case.  

Yes it does always look like that for the viewings. Living room looks better now as we have the coffee table by the sofa and Xmas tree in the corner by the TV. Got a table cloth for the table aswell. Agree with the storage cupboard - we are sorting that as we speak. 

paulbarette

Bigphil1474 said:

Photos look fine to me, but you shouldn't be posting links to your property so it will probably get taken down soon. I think the kitchen is fine too. That is decluttered in my book. Doesn't need to be all fenshui to be tidy. Don't think the 103 year lease will be a big problem for you.

Thank you. Removed the link now.