2006-10-29 21:28:34 · 4 answers · asked by sw9teen 1 in Business & Finance ➔ Renting & Real Estate
Its probably not that risky if done through a reputable seller or agent - but 52 years might be considered a bit short for a leasehold - most people are looking for more than 70 years, so unless you can get the lease extended it might be a little difficult to sell it on when the time comes. You should ask if the seller can get the lease extended to 99 yeasrs.
2006-10-29 21:31:54 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You probably will struggle to get a mortgage. A 52 year lease doesn't give you much time left on the property and whilst there are legal statutes that allow you to renew the lease, it will be expensive. The short lease is probably reflected in the asking price of the property but don't let you think that makes it cheap as at the end of the lease you will have to fork out a considerable quantity of cash or lose your investment.
Look elsewhere. There are thousands of properties on the market.
www.rightmove.co.uk
2006-10-31 08:08:38 · answer #2 · answered by hongkongphooey 5 · 0⤊ 0⤋
I know for sure that a 52 yr. lease is never a good decision, any where in the world.
2006-10-30 08:30:49 · answer #3 · answered by safetyinscars 1 · 0⤊ 0⤋
If you are getting a mortgage on the property then their legal team will take on that concern. If they think its all OK and easily negotiated with the freeholder then they will give you the mortgage, otherwise not!
2006-10-30 09:34:02 · answer #4 · answered by Paul D 2 · 0⤊ 0⤋