Extending A Leasehold

[Ric.ror]

I’ve seen a flat with 77 years left on
I would only consider if there is a chance of extending the lease. Anybody any experience they would be kind enough to share
MTIA

[Zacs-Master]

Many many ‘owners’ of leasehold houses and flats with less than 80 years remaining on their leases face much higher costs for extending their leases (or buying the freehold) after a property tribunal in May found in favour of the landlords concerned.
Mortgage lenders generally don’t lend against such properties. Less years on the lease and the higher the costs will be, plus you could be limited to selling the lease to cash buyers if you cannot afford the extension payment.

[Suetheramble]

Mine was extended at purchase by the seller

[goodgoalie]

Once the lease of a property gets to below 70 years, it becomes very hard to secure a mortgage on it. I sold my flat in London when the lease was just 71 years, and I was so worried that the purchaser's solicitor would bring up the question of a lease extension.....but they never did.
Now, over 11 years on and with the lease on that flat below 60 years it is unsaleable other than to a 'cash' buyer. Glad I got out and bought a freehold!
Make sure you use a solicitor who is au fait with leases - they can be very tricky.

[goodgoalie]

Some good advice here, Ric:
https://www.moneysavingexpert.com/mortgages/extend-your-lease/

[calmck]

My daughter’s flat had a 70 year lease. The management company arranged for all lease holders who wanted to, to extend their lease. She paid about £300 and solicitors fees

[Ric.ror]

Thank you for your answers
I have decided not to pursue it