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74 years left on lease?

Can you get a Mortgage on a flat with a remaining 74 years left on the lease? Also its a converted Studio Flat with a wall to separate bedroom area, Estate agent calling it a one bedroom flat, or is still classified as a Studio. What would be a realistic price to drop the asking price (No Central heating, cracked window dated kitchen and Bathroom) Thank you very much in advance hoping this will be my last question.

Asked on Dec 12 2010, House Prices in New Malden | Report content

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  • I think you will be able to get a mortgage, but not with any lender, it will be more difficult. If the bedroom is not accessed via a door, then it is a studio flat. It sounds like the flat needs some updating, this will reflect in its price. You could contact an estate agent here for more advice. If an agent can look at the details of this property, they will be able to advise you a little better. Looking at whether you can extend the lease or buy the freehold needs looking in to as well.

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    Answered on Dec 12 2010, Report content
  • Lenders are less keen to lend on properties with less than 80 years remaining on lease. However it isn't impossible but you should present the information to your proposed lender at the outset and I would advise talking to an IFA to get a broad market view and all of the options available to you. With regards to the studio/one bedroom question you need to find out whether the freeholder has agreed to the conversion. A change of this nature may require permission as part of the lease. In value terms, as long as the rooms are appropriately sized, there is extra worth in the flat being a one bedroom as opposed to a studio flat. Without seeing the property I wouldn't want to make a recommendation on the price but a good starting point would be look at recent sold values of one bedroom and studio apartments in the area (which you can easily do on Zoopla) and also calculate in the cost of extending the lease prior to making an offer as this may be something you may need to budget for in the future. Good luck!

    Answered on Dec 20 2010, Report content
  • Get professsional advice before offering on a 74 year lease. You need to know what the flat would be worth with a good long lease and what it wlll cost to extend so that you know how much the flat is worth with the existing lease. Speak to a solicitor or specialist valuer about whether you should get the vendor to serve a S42 Notice so that the benefit can be assigned to you on completion.

    Answered on Oct 15 2014, Report content

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