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Is 82 yrs on a lease long enough?

I'm looking to buy a property that has an 82yr lease remaining? Is this going to be problematic for resale in 2-5yrs time? The vendor or the agent do not have any idea how much a lease extension will cost.

Asked on Apr 9 2012, General in London | Report content

Answers (4)

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  • I wouldn't buy this because the person that owns the freehold could charge you a very large amount of money to extend the lease. You could tell the agent that unless the vendor checks this with the freeholder and gives you a price in writing then you will not be interested in buying the property!

    Answered on Apr 10 2012, Report content
  • Shouldn't be a problem. Lenders don't like anything less than 50yrs though generally.

    Answered on Apr 10 2012, Report content
  • I would hang out and push for a reverted lease of 99 years - your solicitor can do this for you...If you need to sell further down the road, on say, a lease that's only 77 - 80 years! That could be a problem for you....Your solicitor can also explain the cost - it's not rocket science for them - Good Luck!

    Answered on Apr 12 2012, Report content
  • Once you become a qualifying tenant (amonst other things being there 2 years) you can extend the lease by 90 yrs. The cost would be determined by a surveyor and through negotiation and could be expensive since it will reflect the landlord's loss of ground rent (the new rent at a peppercorn) plus what's called the marriage value - google it

    Answered on Apr 17 2012, Report content

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