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Selling a leasehold flat...what impact does the lease have?

I want to sell a a flat with a 99 year lease but it only has about 70 years remaining. Will that be a problem?

Asked on Mar 17 2016, Selling in Reading | Report content

Answers (4)

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  • Some mortgage providers would consider 70 years good enough, nowadays some are not happy with anything less than 80. It should not be a problem, depends on the buyer. If you have been there at least two years it may not cost too much to extend the lease.

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    Answered on Mar 18 2016, Report content
  • Most lenders will insist on having a minimum number of years left on a lease at the end of a mortgage term. So, instead of a buyer getting a 25 year mortgage term they may only be able to get 15 years on a short lease. If you have lived at the flat for two years or more, it would be a good idea to extend the lease if it does not cost too much.

    Answered on Mar 24 2016, Report content
  • Many buyers would be put off! You may be better off looking for a property investor that wouldn't mind that there's a short lease on the flat or, extend the lease as mentioned.

    Answered on Apr 21 2016, Report content
  • You might have some potential issues with your buyers lender's (if you are lucky enough to find a cash buyer, you might be able to get away with it) as they do not particularly like this as they always project a worse case scenario and always conscious about what impact this has on selling the property if they were to reposes the property. Might be worth considering extending the lease as I think this could make the property more attractive (and potentially sell for a higher fee)

    Answered on May 10 2016, Report content

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