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COLLECTIVE ENFRANCHISEMENT
I am currently trying to sell my 'leasehold' flat which has approx. 72 years remaining on the lease. I had three estate agents come round to value the property, including the one I bought the property through last year. They gave me by far the lowest valuation, explaining that they struggled to sell it because it had such a short lease and people without a massive deposit could not get a mortgage on the flat.
This leaves me with a few questions:
1) what length of lease do a mortgage company require?
2) is it worth extending the lease?
3) the flat is in a block of 4, would it be worth going in for 'COLLECTIVE ENFRANCHISEMENT'.
Any replies would be much appreciated.
This leaves me with a few questions:
1) what length of lease do a mortgage company require?
2) is it worth extending the lease?
3) the flat is in a block of 4, would it be worth going in for 'COLLECTIVE ENFRANCHISEMENT'.
Any replies would be much appreciated.
Answers
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Just few answers to (I hope) help you,this from experience with family properties.
1.Minimum 99 years.
2. As most Mortgage Lenders will not lend on properties under 99 years,then yes.
3.
I don't think that the lease extension would be any cheaper by doing it collectively,and of course you all have to agree to it,and to the amount for the extension.Personally I would do it on your own (if you can) then you won't get involved in other peoples leases.
This is only a personal view,not a legal one.
1.Minimum 99 years.
2. As most Mortgage Lenders will not lend on properties under 99 years,then yes.
3.
I don't think that the lease extension would be any cheaper by doing it collectively,and of course you all have to agree to it,and to the amount for the extension.Personally I would do it on your own (if you can) then you won't get involved in other peoples leases.
This is only a personal view,not a legal one.
Only 1 answer
