Leasehold London flat |
Leasehold London flat |
Thu, 13 Feb 2020 - 07:51
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#1
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Member Group: Members Posts: 66 Joined: 12 Sep 2006 Member No.: 7,595 |
I know nothing about leasehold and my daughter is interested in buying a flat that has 84 years left on the lease. "A girl down the pub says" theres a thing called the 80 year lease trap. Any property experts on here?
-------------------- Impatience for victory guarantees defeat
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Thu, 13 Feb 2020 - 07:51
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Thu, 13 Feb 2020 - 07:55
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#2
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Member Group: Members Posts: 450 Joined: 14 Apr 2012 Member No.: 54,283 |
Search '80 year lease trap' in google.
Read the article by the Leasehold Advisory Service. If they don't provide free advice, find another organisation that does. |
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Thu, 13 Feb 2020 - 08:52
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#3
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Member Group: Members Posts: 119 Joined: 28 May 2010 From: Sussex Member No.: 37,839 |
80 year Lease Trap
Perhaps your Daughter should encourage the seller to have the lease extended prior to selling ! Assuming they have lived there for more than 2 years ! -------------------- Better to be 20 minutes late in this life than 20 years early into the next one !
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Thu, 13 Feb 2020 - 11:13
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#4
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Member Group: Members Posts: 33,610 Joined: 2 Apr 2008 From: Not in the UK Member No.: 18,483 |
I wouldn’t touch it. Mortgage lenders get increasingly cagey about lending as leases approach 50 years, so selling it on might be an issue.
-------------------- Moderator
Any comments made do not constitute legal advice and should not be relied upon. No lawyer/client relationship should be assumed nor should any duty of care be owed. |
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Thu, 13 Feb 2020 - 19:45
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#5
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Member Group: Members Posts: 683 Joined: 19 Jul 2017 Member No.: 93,086 |
It's normal for the seller to apply for a lease extension prior to sale. As a new lease holder needs to occupy for 2 years before being able to apply in their own name. The value of flat falls off cliff with a lease shorter than 80 years. As the cost of extending lease grows exponeintally with every year. [ It's not linear ] |
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Fri, 14 Feb 2020 - 07:40
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#6
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Member Group: Members Posts: 66 Joined: 12 Sep 2006 Member No.: 7,595 |
THanks guys, great help, topic closed.
-------------------- Impatience for victory guarantees defeat
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Fri, 14 Feb 2020 - 08:56
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#7
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Member Group: Members Posts: 7,235 Joined: 5 Jan 2007 From: England Member No.: 9,919 |
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