Leasehold property : London

[LDNrevs]

I've found an amazing buy in London - 4 bed appartment needs work doing - just what I like; so as to add value to it.. thing is, I'm still uneasy about Leasehold places.. I've stuck to Freehold as best I can so far.

This property in particualr has 84 years left on the lease... a question:

What is the least amount of years left on a lease that you'd be willing to buy at/ with a view to selling on within 2 years. I know 99 years up is standard and anything less than 40/50 becomes an issue and something to barter the sale price down over.

Anyone with any experiences with Leaseholds in London; any nuggets of advice!?

[ginettag27]

Can you contact the leaseholder and ask about getting it extended? or possibly purchasing it?

Wouldn't want to have less than 84yrs - fine for you, but when you want to sell, it could become complicated!!

[JD247]

Location in respect of leasehold property is largely irrelevant.

Looking to sell on within 2 years, no issues at all. If lenders are willing to advance monies for purchase of a leasehold property with 82 years remaining (which they are) then there is no reason for you to be concerned is there?

If you're comfortable that you've found a bargain and can add value, even in what may be a falling market, then good for you and good luck.

[LDNrevs]

Thanks for the points guys.

[ginettag27]

Yep, missed the two years part, although the best laid plans.. I'd be looking to cover myself for 5-10 years, just in case..