Cost of extending lease on flat...
Discussion
Hello
Looking for some advice. I've seen a flat for sale that initially had a 99 year lease (starting from March 1987). It now has 69 years left, which I know is going to be an issue when it comes to getting a mortgage (worst case scenario, and if the price is right, I'll just have to buy it cash). Anyway, my question is this: does anyone have any experience of this scenario, and is there any way of approximating how much it should/will cost to extend the lease?
(It's market value is around £250,000)
.
Many thanks
Looking for some advice. I've seen a flat for sale that initially had a 99 year lease (starting from March 1987). It now has 69 years left, which I know is going to be an issue when it comes to getting a mortgage (worst case scenario, and if the price is right, I'll just have to buy it cash). Anyway, my question is this: does anyone have any experience of this scenario, and is there any way of approximating how much it should/will cost to extend the lease?
(It's market value is around £250,000)
.
Many thanks
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