I am planning to buy a flat which has 107 years lease left. I would like to know as lease years decrease would the price of the flat also decrease?
Asked on Sep 25 2010,
General in Woking |
The short answer is no, unless it gets to around 65 years and it becomes a proplem to get a mortgage
Answered on Sep 27 2010,
No lease length only becomes an issue for mortgage lenders when it falls dramatically. Must lenders are happy with leases as long as they are two terms of the mortgage length +10 years (70 years although some now will be 80 with the 35 year term mortgage). As long as you envisage selling before 37 years are up you should be fine.
Answered on Sep 28 2010,
Properties become harder to sell for their best price once the lease drops below 90 years and certainly once below 80 years. However, you would have the right to extend the lease after two years of ownership and so the best advice would be to consider this as an option if you still own the property in 10 to 15 years time...
Answered on Nov 21 2012,
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