Buying a flat with a 99 year lease

swingaloo

Would you buy a flat with 99 years left on the lease or would you ask the seller to extend it?

eddddy

I think most people wouldn't have a problem with a 99 year lease. Mortgage lenders certainly wouldn't see that as a problem.

Just for info - there are 2 ways of extending a lease…

• The statutory route
• The informal route

The statutory route typically takes 6 to 18 months.

With the informal route… the freeholder is not obliged to agree to a lease extension, so…

• The freeholder might say "no" (or might not even reply to a request)
• The freeholder might ask for a stupidly high price
• The freeholder might take weeks or months to get their act together and get the lease extension done
• The freeholder might play games - for example, initially agree a price, then increase it later, or withdraw
• Or…the freeholder might be decent and honest - and agree a fair price, and get the extension done quickly

So insisting on a lease extension before buying might kill the deal.

gwynlas

99 years was until recent times a standard lease length and would satisfy mortgage lenders as more than 70 years left after 25 year mortgage period,

Jmp0001

When I bought my fleasehold flat (new build) the lease was 99 years

JJAYLEEDS

I'm looking at buying a leasehold retirement flat (because much lower prices). Quite a few have less than 90 years left on lease. I think the 2024 regulations will make extending lease easier and cheaper. But this isnt clear, especially not for retirement properties. Also, massive worry that if you die, the estate has to pay the service charge whilst the will is sorted out (a year) then while the property is being sold. I cant afford rent for retirement property. Could @moneysavingexperts do a session on this subject. It is massive cost and worry. And many people cant afford to buy freehold.