I'm buying a flat but the leasehold is shorter than i was first told?

Question

When we offerred the asking price we were told the leasehold was 85 years. When they contacted us they told us the leshold was actually only 80 years. now our solicitor has told us it is only 78 years and 5 months. The market has gone up. should we dare to say that the seller should put some more money towards extending the leasehold? or should we take the knock in case the seller pulls out and try to put it back on the market? the agent says we agreed to carry on when we found out it was 80 years and theres not much difference. we think there is a difference!! we dont want to buy a house and have to spend on it more than it is worth.

Answer 1

I will be getting worried of why they didn't gave you the correct information on the first time and what other things they have not tell you. Ask your solicitor to double check all the information to ensure that they have all the documents done properly like planning permission for extensions or modifications.

With regards to the lease as there is still plenty of time there is not really an impact on the cost of the property yet.

Answer 2

78 years is still a very good lease. Leases only become an issue (when you can expect some money off) when it drops below 60 years. You may risk losing it if you ask for a reduction. It all depends on a few issues:

1. How long was the flat on the market before you offered on it?
2. Is the area very saleable - ie would someone else snap it up quickly if you were to lose it?

Answer 3

The market price will not be significantly different between 85 years and 78 years, just be aware that if you spend 40 years living there the value will begin to be affected by the lease duration remaining.

Answer 4

If somebody else owns the Freehold, then you definately ought to substantiate what the technique is for themes, maintenance and so forth - as an occasion if the roof desires repairing or the exterior partitions portray, who's in charge? Plus wide-unfold maintenance and so forth. frequently there will be annual or biannual costs to conceal this, so so you might examine. There is additionally floor lease (as you do no longer very own the freehold). you are able to basically 'purchase out' to improve into freehold if the winning freeholder is prepared to promote

Answer 5

When I was first house-hunting I was advised to never buy a property with less than a 99 year least because otherwise when you come to sell it you will struggle with a low remaining lease on it.