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I offered a flat 242k when I was told by the seller that the lease is 990 years, how much I should offer when it turns out to be a 156 yrs lease?

It's quite annoying when I was told by the agent and the seller a few times, the lease has 990 years left, but my solicitor found it out it's actually 156 years left. How much I should reduce the price I have offered? It's a top floor flat at Cedar court. thanks very much !!

Asked on Jan 11 2011, House Prices in London | Report content

Answers (3)

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  • 156 years is more than adequate and I’d expect the vendor to be unwilling to negotiate on the price due to the lease not being 990 years. You can however try a reduction on this basis.

    Answered on Jan 12 2011, Report content
  • I can understand your frustration at having been given incorrect information about the length of the lease. However in the instance you are describing, the actual impact on the value of the property is negligible. Most leases are 99 years in length and banks and building societies are happy to lend on leases above 80 years without issue. Once they fall below this level, the value of the property declines ever faster until they become unmortgageable and only available to cash buyers at about 60 years. The 156 years you describe will be worth as much as the 999 year lease as it will remain saleable, even if you stayed the full 25 year term of your mortgage.

    Answered on Jan 13 2011, Report content
  • The other answers are right, technically a lease of 156 years is more than satisfactory . However if the property was clearly sold to you and described by the agent as having a lease of 990 years that maybe an issue of mis-representation which you can pursue.

    Answered on Jan 13 2011, Report content

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