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flat on short lease...worth it?
ds1980
Posts: 1,213 Forumite
Have opportunity to buy a 3 bed flat. Lease is 45 years they want £45 to extend to 125 which is not bad and think is negotiable also.
Needs £10k spent on it.
Rent would be £8-900 a month on it.
If i didnt get the lease then the sums start to get jaded but still not bad.
Thoughts?
PS I will have this flat for the rest of my life and will never sell.
Needs £10k spent on it.
Rent would be £8-900 a month on it.
If i didnt get the lease then the sums start to get jaded but still not bad.
Thoughts?
PS I will have this flat for the rest of my life and will never sell.
0
Comments
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Can you just confirm £45 to extend the lease?"Mrs. Pench, you've won the car contest, would you like a triumph spitfire or 3000 in cash?" He smiled.
Mrs. Pench took the money. "What will you do with it all? Not that it's any of my business," he giggled.
"I think I'll become an alcoholic," said Betty.0 -
sorry £45k
was thinking with 45 years left i won't bother then pick up rentals for the next 45 years! if i live that long! repayment is only £700 at 6%0 -
repayment is only £700 at 6%
Which lender is going to give you a mortgage on a 45 year lease then?RICHARD WEBSTER
As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.0 -
Have opportunity to buy a 3 bed flat. Lease is 45 years they want £45 to extend to 125 which is not bad and think is negotiable also.
Needs £10k spent on it.
Rent would be £8-900 a month on it.
If i didnt get the lease then the sums start to get jaded but still not bad.
Thoughts?
PS I will have this flat for the rest of my life and will never sell.
If anything ever went wrong and you had to sell you would only be able to sell on to a cah buyer and that premium will keep going up0 -
surprisingly quite a few ive found! Also know quite a few "bank managers" at independent building societies that are very friendly.
also interest only payments are the same no matter the term then this is another option.
Most short lease mortgages are for 5-10 years but you can get longer and interest only never used to be an option but again you can now.
I could always wait and buy later if i had the money. Also its never going to go anywhere as there is another flat below!0
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