I am buying / selling a leasehold property with a short lease
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When purchasing a leasehold property, your solicitor
should advise you on the terms of the lease, the ground
rent and how long is left. The agent does not always do
this and are sometimes wrongly advised by the vendor.
When leasehold properties have 90 years or less, the
value of the lease decreases and at 80 years it becomes
significantly more expensive to extend the lease.
If you are thinking of buying a leasehold property with
less than 90 years remaining, it may still be a good
investment at the right price, however, the price you
pay may itself impact on the cost of the extension.
You will only have the right to extend the lease if
you have been the registered owner for 2 years.
One way around this is if the vendor is a qualifying
tenant, they can serve a Section 42 notice
and transfer this with the sale, so you do not have
to wait two years.
We recommend you have a valuation undertaken to ascertain
the current value of the property, the likely cost of the
lease extension and the value once the lease is extended.