Is a lease of 89 years a good lease?
How much is it to renew a lease of 89 years?
Asked on Jan 28 2011,
General in Ruislip |
It is best to obtain a quote by speaking to a suitably qualified solicitor. Conveyancers don't frequent these forums.
Answered on Jan 28 2011,
Usually when people extend a lease on a property, they extend for 90 years. So an 89 year lease is ok, although you need to think about the depreciation on a property the less years a lease has to run. Also it gets more expensive to renew the lease if you have less than 80 years left. It is always advisable to look at extending a lease or better still buying the freehold. If you allow the lease to run out on a property, you can stay in the property as a tenant, but the owner of the freehold will then own the property. You want to look in to extending the lease or buying the freehold, this will cost thousands of pounds. You would be looking at around £8000 + to extend a lease if it hasn't dropped below 80 years.
Answered on Jan 31 2011,
3.5 years on and this lease now has less than 86 years left. Now is definitely the right time to be thinking of a lease extension! It's amazing how quickly time passes.
Answered on Oct 15 2014,
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