Donate SIGN UP

73 years left on lease

Avatar Image
jack99 | 13:08 Sat 04th Apr 2009 | Home & Garden
3 Answers
I am in the process of buying a flat with 73 years remaining on the lease (99 originally). I have never bought a leashold property before and was wondering ears if 73 years is a long enough period to have left on a lease and if I could have problems when I come to sell the flat. Also has anyone ever extended a lease on a property and if so was it expensive and difficult to do.
Any advice would be very much appreciated.
Gravatar

Answers

1 to 3 of 3rss feed

Best Answer

No best answer has yet been selected by jack99. Once a best answer has been selected, it will be shown here.

For more on marking an answer as the "Best Answer", please visit our FAQ.
you have the right to buy out your ground thus making your property freehold..check it out with your solicitor..as far as i belive,the cost will be nine times the annual ground rent plus legal fees etc. then you would have no worries about the lease..and i belive that the owner cannot refuse to sell it to you!!! :0)
Question Author
I will have a word with my solicitor on Monday. Thanks for that gonzo00
Obviously not all property will be sold with a 99 year lease � my understanding is that this only begins to become a problem once you are selling with less than 20 years � where the purchaser might be looking at the cost of re-newing the lease, or at least taking a hit on the sale price due to the lease shortness, at the time they come to resell. I don�t believe that it is any big deal to re-new a lease, other than money.

Although I have never owned a flat, a far more important consideration is the annual fee, payable to the company/individual owning the freehold for the land. I know many people living in flats who resent paying extortionate fees to management companies for very little.

I would find out how much this is, if you don�t know already � it is rather like council tax, you have no control over the annual increases.

1 to 3 of 3rss feed

Do you know the answer?

73 years left on lease

Answer Question >>