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leasehold with share of freehold
scotboy82
Posts: 13 Forumite
Hi
We saw a flat today that we really like, however we have some worries about leasehold and wondering if anyone on here can share their knowledge and/or experience.
The flat has is one of four that has a share of the freehold and the leasehold is 83 years.
I have the following questions.
1. From searching this forum, it looks like that it should be free to renew lease, bar legal fees, if the other freeholders agree. However how likely is it that I might encounter problems, has anyone else ever came across awkward situations when renewing the lease where there is a share of the freehold.
2. How much are just legal fees normally to extend lease
3. How long until the length of lease starts to decrease the value of the flat considerably. i.e. if flat is worth 190k with 83 year lease ball park figure what would an equivalent flat with 75 year lease be worth
We saw a flat today that we really like, however we have some worries about leasehold and wondering if anyone on here can share their knowledge and/or experience.
The flat has is one of four that has a share of the freehold and the leasehold is 83 years.
I have the following questions.
1. From searching this forum, it looks like that it should be free to renew lease, bar legal fees, if the other freeholders agree. However how likely is it that I might encounter problems, has anyone else ever came across awkward situations when renewing the lease where there is a share of the freehold.
2. How much are just legal fees normally to extend lease
3. How long until the length of lease starts to decrease the value of the flat considerably. i.e. if flat is worth 190k with 83 year lease ball park figure what would an equivalent flat with 75 year lease be worth
0
Comments
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You have to pay more to extend the lease if the lease is below 80 yrs when you try and renew.
I am not sure of the full legal rules but it involves something called 'marriage value'Kavanne
Nuns! Nuns! Reverse!
'I do my job, do you do yours?'0
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