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Leasehold London flat
zippy777
post Thu, 13 Feb 2020 - 07:51
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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?


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post Thu, 13 Feb 2020 - 07:51
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Umtwebby
post Thu, 13 Feb 2020 - 07:55
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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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Harnes
post Thu, 13 Feb 2020 - 08:52
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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 !


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southpaw82
post Thu, 13 Feb 2020 - 11:13
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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.


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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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rosturra
post Thu, 13 Feb 2020 - 19:45
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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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zippy777
post Fri, 14 Feb 2020 - 07:40
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THanks guys, great help, topic closed.


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mickR
post Fri, 14 Feb 2020 - 08:56
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QUOTE (southpaw82 @ Thu, 13 Feb 2020 - 11:13) *
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.


Very good advise.
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