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Is This The Craziest London Property Deal Yet? Flat With Just One Year Left On Its Lease Sells For £550,000

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http://www.dailymail.co.uk/news/article-2777773/Is-craziest-London-property-deal-Flat-just-ONE-YEAR-left-lease-sells-550-000.html

  • Property in Knightsbridge, central London, went on the market at the end of a 90-year lease
  • Owner of the property passedearlier this year without renewing contract with freeholder, leaving just one year left
  • Early bids started at £150,000, but ended up being sold for more than £500,000 this year after flurry of interest
  • Owner may have to pay upwards of £2million for another 90-year lease, which they now have to negotiate

And the rent for such a property would be?

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Once it's gone it's gone. It must have been panic stations to buy an option to negotiate a long lease.

The freeloader, sorry, freeholder, could ask for £3m, or could tell them to get notted.

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It must have been the stress of knowing that he would have to stump up £2m for a new one. :P

I had to look into this once - there is a formula and a process for working it out. Funny thing is, the high sale price will help screw the owner on the lease price now...

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