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How many years on a lease would make it difficult to sell my flat?

I currently have 68 years remaining on my lease. How likely is it that having this time on the lease will be an issue? Will a potential buyer still be able to get a mortgage with this time remaining?

Asked on May 8 2014, Selling in Kingswinford | Report content

Answers (3)

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  • It depends on the mortgage provider but 60–70 years is the time when the length of lease may deter a buyer.

    Answered on May 9 2014, Report content
  • You or the new purchaser would need to pay the marriage value to extend the lease by 90 years generally this would be 50% of the sum that the property value increases with the new lease the fee holder will also charge a premium plus legal fees I'd expect a 200k property with 68 year lease to be worth say 150k so marriage fee of 25k applies plus further 8-10 new owner has no entitlement to extend lease for two years but may still be able to come to a private settlement

    Answered on Jul 8 2014, Report content
  • A 68 year lease will affect marketability and value. Many prospective purchasers will regard even 85 years as short and will want to obtain costings for potential lease extension so that they can reflect this in their bid. If you are considering selling you should obtain specialist valuation advice and if you can afford it you should consider obtaining a lease extension before you place your flat on the market.

    Answered on Aug 31 2014, Report content

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