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Danger Zones for leases
nicole_r
Posts: 3 Newbie
Does anyone know what the danger zone is for bringing a lease up on a property? Currently I ahve 75 years on my lease & I wondering whether I can wait a few years or whether I really need to do it now?!
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Comments
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You want to do it before it gets to 80 years really as that is when it starts to get more expensive. Doesn't exactly help you though!
Depending on how long you plan to stay, you may get away with selling as it is or reducing the price accordingly. It's certainly worth obtaining a valuation from the freeholder now.Everything that is supposed to be in heaven is already here on earth.
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The shorter it is the more people who will be put off if you put it up forsaleO0
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Doozergirl wrote: »You want to do it before it gets to 80 years really as that is when it starts to get more expensive. Doesn't exactly help you though!
Depending on how long you plan to stay, you may get away with selling as it is or reducing the price accordingly. It's certainly worth obtaining a valuation from the freeholder now.
I have already done that, that's why i am asking, they want a horrific amount
& I am quite possibly going to have to go down the serving notice route, which is equally expensive but good in terms of the lease!!! Just trying to weigh up the pros & cons! 0 -
What's serving notice?
Have you had your own valuation carried out to compare? You can also barter with them a bit.Everything that is supposed to be in heaven is already here on earth.
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I have asked the cost & its £25k, I bartered & they have brought down to £21k, which i still think is too much considering they quoted 12.5k a year & 1/2 ago , I could still barter I suppose. How does it work with valuations is the lease based on a percentage of what ther flat is worth?0
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