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A friend has just pulled out of buying a flat. The problem seems to be that the leasehold remaining was only 76 years. Apparently this can make the flat difficult to sell. A new lease would cost £18K and she has been told that this is why the flat is being sold, the owner, who lets the flat can't afford to buy a new lease.

What is the normal length of a lease on a flat i.e. if you are looking to buy what should you be looking for?

What are the problems with a lease that is only 76 years long, this still seems like quite a long lease?

Do you think it is a good idea to pull out of this purchase?

Any advice greatly appreciated.

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A friend has just pulled out of buying a flat. The problem seems to be that the leasehold remaining was only 76 years. Apparently this can make the flat difficult to sell. A new lease would cost £18K and she has been told that this is why the flat is being sold, the owner, who lets the flat can't afford to buy a new lease.

What is the normal length of a lease on a flat i.e. if you are looking to buy what should you be looking for?

What are the problems with a lease that is only 76 years long, this still seems like quite a long lease?

Do you think it is a good idea to pull out of this purchase?

Any advice greatly appreciated.

I wouldn't be at all keen on anything much under 100 years. The problem with 76 years is that by the end of a 25 year mortgage you're down to 51 years.

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A friend has just pulled out of buying a flat. The problem seems to be that the leasehold remaining was only 76 years. Apparently this can make the flat difficult to sell. A new lease would cost £18K and she has been told that this is why the flat is being sold, the owner, who lets the flat can't afford to buy a new lease.

What is the normal length of a lease on a flat i.e. if you are looking to buy what should you be looking for?

What are the problems with a lease that is only 76 years long, this still seems like quite a long lease?

Do you think it is a good idea to pull out of this purchase?

Any advice greatly appreciated.

I don't think this is particularly unusual. Many flats are sold with 99 year leases - I bet this one was too, 23 years ago. I didn't think it affects the price until much later (maybe <50?). The whole leesehold thing is very quirky.

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I sold my flat with 85 years left of a 99 year lease, which wasn't a problem. However I believe that mortgages can be difficult to get if you have less than 75 years remaining when you buy, and it will be difficult to sell when you want to move. Just my 2p's worth

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I sold my flat with 85 years left of a 99 year lease, which wasn't a problem. However I believe that mortgages can be difficult to get if you have less than 75 years remaining when you buy, and it will be difficult to sell when you want to move. Just my 2p's worth

This seems to be the issue. The owner (a BTLer) is trying to sell because they can't afford a new lease. Therefore perhaps they are trying to do this before the lease is only 75 years as it will be hard/impossible to sell.

I can't believe that you can buy a flat and then have to pay £18K for a new lease after just 25 years!! It seems unfair.

Does the cost of a new lease increase as the number of years left on the lease reduces?

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This seems to be the issue. The owner (a BTLer) is trying to sell because they can't afford a new lease. Therefore perhaps they are trying to do this before the lease is only 75 years as it will be hard/impossible to sell.

I can't believe that you can buy a flat and then have to pay £18K for a new lease after just 25 years!! It seems unfair.

Does the cost of a new lease increase as the number of years left on the lease reduces?

Lease values are calculated using a fairly fixed formulea of some sort of other. I'm sure the Leasehold Valuation Tribunal site has information but I don't really have time to look.

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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