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Auction property with 10 year remaining lease.

How do I find out who owns the lease of a property with only 10 years remaining and being sold at auction? Is there likely to be any problem in renewing it or buying it?

Asked on Jul 23 2013, Home Finance in Wallsend | Report content

Answers (3)

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  • You can't renew a lease unless you have lived there for two years minimum. With 10 years left I would imagine this won't be a cheap thing to do - running into the tens of thousands mark. Will the current owner do this for you? Unlikely if they haven't done it already.

    Answered on Aug 3 2013, Report content
  • We totally agree with the above comment - it would be very expensive!

    Answered on Aug 15 2013, Report content
  • Short leases are fairly common but 10 years is very short and the cost to extend will be high. If you are considering buying such a lease, get professsional advice before bidding. You need to know what the property would be worth with a good long lease and what it wlll cost to extend so that you know how much it is worth with the existing lease. On a private treaty purchase you would be well advised to speak to a solicitor or specialist valuer about getting the vendor to serve a S42 Notice so that the benefit can be assigned to you on completion. With an auction property it is unlikely that this will happen and more likely that you will have to wait 2 years and there will only be 8 years left before applying to extend the lease!

    Answered on Oct 15 2014, Report content

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