I'm a first time buyer and I finally found a flat that I really like! But it only has 76 years left on the lease. Can anyone advise me if I should look elsewhere or is it worth puting an offer? What concerns me is how expensive it'll be to extend it in future when I sell it. The property is a 2 bedroom flat - built in 1983 and started with a 99 year lease. - Thanks in advance!
2006-10-14 03:22:14 · 6 answers · asked by Colin 1 in Home & Garden ➔ Other - Home & Garden
This Link might be of help.
2006-10-14 03:35:23 · answer #1 · answered by richard_beckham2001 7 · 0⤊ 0⤋
you can buy the lease at any stage in the life time of the lease Ive recently looked in to it my self and was advised there is no rush at this stage of the lease which is similar to yours you can ask about the cost of this before you purchase the flat and add it in to the mortgage
2006-10-14 03:28:34 · answer #2 · answered by axemanjase 2 · 0⤊ 0⤋
the only thing I know is it won`t make as much as a freehold house or flat ,
I bought a bungalow and my nephew bought a leasehold flat in 6 years he has only made £24.000 my freehold made nearly three times it`s value
In my oppinion if you have no wife or children to leave it to ,or your not bothered just want it for yourself live there till the lease runs out
2006-10-17 01:09:00 · answer #3 · answered by Anonymous · 0⤊ 0⤋
do you intend to live there 76 years.......if you want it for perhaps 20 years why bother., there would still be a very sellable lease left to sell.or save up and buy the freehold when you can.
2006-10-14 03:35:23 · answer #4 · answered by Anonymous · 0⤊ 0⤋
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2006-10-14 04:55:11 · answer #5 · answered by Anonymous · 0⤊ 0⤋
the lease is ok for you but when you come to sell it could pose a problem
2006-10-17 09:05:50 · answer #6 · answered by srracvuee 7 · 0⤊ 0⤋