Buying A Flat - Lease Advice

[mphJ]

I'm a first time buyer currently looking for a flat to buy, i'm still learning about the whole process so i'm just wondering regarding the lease on flats.

Is it best to avoid flats that only have a 70 or so years lease and below ? As I see flats advertised that are quite cheap but some only have 50 or 60 years remaining on the lease.

How much does it cost to renew a lease ? I assume this varies depending on the value of the flat ?

How long can it take to renew ?

Is it always successfully renewed ?

Does everyone in the same block of flats have to renew also for the place to get a new lease ?

Is this something I insist on the seller doing before I buy ?

Sorry if these questions may sound a bit stupid but the lease etc is not something I considered before I started looking.

Wasn't sure if this is the right section for this so please move if it's the wrong one.

Many thanks for any help.

Edited by mphJ on Monday 19th February 23:20

Edited by mphJ on Monday 19th February 23:21

[NovaPower]

Check this resource out, lots of information and free advice:

https://www.lease-advice.org/

I believe the leasor can charge whatever is 'reasonable' for the cost of extending the lease.

Also consider ground rent and service charges. Are the accounts up to date?

And most importantly, is it a well managed / maintained building?

[Steve57]

Having just renewed a lease on a flat that had got down to 67 years I’d advise to find one with more. The lease itself was around 12k, but due to issues on the other parties side also cost 3k in solicitors. At least now we have a flat to sell with 160 years,no ground rent or maintenance