renewing a lease on a flat £35k?
Discussion
hi all, sorry if this is in the wrong place, but the wife and i are looking to downsize, from a house to a flat and reduce our mortgage by nearly 50%. various reasons why this makes sense to our situation.
so found a 3 bed flat, up for only 180k, great road, in a very desirable area, close to shops and mainline rail etc.
the catch, is leasehold is only 59 years (flats and leasehold etc are all new to me only had houses)
if we want to renew the lease they want an extra 35k, is this excessive as I saw someone talking about not paying 14k for a renewal on here the other day (sure it was on here).
i'm off to google the situation with flats, but this obviously is quite a chunk and we would have to do the place from top to bottom.
if you need to know the area to make a comment it's off Leigh Broadway, Leigh on sea, Essex.
cheers
so found a 3 bed flat, up for only 180k, great road, in a very desirable area, close to shops and mainline rail etc.
the catch, is leasehold is only 59 years (flats and leasehold etc are all new to me only had houses)
if we want to renew the lease they want an extra 35k, is this excessive as I saw someone talking about not paying 14k for a renewal on here the other day (sure it was on here).
i'm off to google the situation with flats, but this obviously is quite a chunk and we would have to do the place from top to bottom.
if you need to know the area to make a comment it's off Leigh Broadway, Leigh on sea, Essex.
cheers
Collectingbrass said:
There's a thread here with details of lease extensions:
http://www.pistonheads.com/gassing/topic.asp?t=164...
You probably wont get a mortgage with a 59 year lease so will need to extend it. The costs of doing so probably won't make it worth while as they really need to be extended more than 80 years out.
thanks, i read that earlier and used the calculator, seems the price for renewal is a bit over, but not way out that i hoped.http://www.pistonheads.com/gassing/topic.asp?t=164...
You probably wont get a mortgage with a 59 year lease so will need to extend it. The costs of doing so probably won't make it worth while as they really need to be extended more than 80 years out.
think i will be doing a lot of reading about leasehold etc, what an outdated way of buying property.
thanks
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