Hi all,
Sorry if this has already been discussed, I did post it on the main board but it got lost in the usual maelstrom.
My g/f is looking to sell her leasehold apartment and was warned by several EAs that if you have less than 70 years lease left then lenders will not lend against this and therefor it will be very difficult to sell. Is this the truth? One option we were told was to contact all the owners in the block and then try to buy an extension to the lease from the holder, splitting the costs. This is probably a lot easier said than done.
If this is the case then surely this will have a large impact on BTLs who may be in similar or worse positions, who won't easily be able to sell even when the cut their prices.
Anyone have any experience of leases and apartment sales?
Thanks
Frank