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Flat with a short lease.

Croesus
Croesus Posts: 7 Forumite
in House buying, renting & selling
Could I ask a few questions re Leasehold flats...

1 Would a Mortgage be obtainable for a flat with only 75 years remaining on it's lease?

2 If the property was worth (guesstimate) £90k with a 'long' lease, by how much would the shorter lease affect the price?

3 How expensive is it to extend the shorter lease, if the freeholder was willing to do so?

Thanks for any info' any of you can provide.


Croesus.

Comments

  • EdInvestor
    EdInvestor Posts: 15,749 Forumite
    Croesus wrote: »
    Could I ask a few questions re Leasehold flats...

    1 Would a Mortgage be obtainable for a flat with only 75 years remaining on it's lease?

    Yes
    2 If the property was worth (guesstimate) £90k with a 'long' lease, by how much would the shorter lease affect the price?

    Possibly no difference - below 70 years is where the difference starts to kick in.
    3 How expensive is it to extend the shorter lease, if the freeholder was willing to do so?

    Probably only a few thousand pounds.
    Trying to keep it simple...;)
  • Croesus
    Croesus Posts: 7 Forumite
    Crikey! That was quick!!
    Thanks for your answers.

    Croesus.
  • charley1965
    charley1965 Posts: 72 Forumite
    I believe it's leases below 80 years when 'marriage value' comes into force, not 70 years.

    Check out the Lease Advice website, they are very helpful.

    http://www.lease-advice.org/
  • Doozergirl
    Doozergirl Posts: 34,082 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    It is 80 years when marriage value comes into force, but that is not where value becomes particularly affected; house value is what EdInvestor was talking about, not marriage value.
    Everything that is supposed to be in heaven is already here on earth.
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