Hi, I am about to look at a leasehold flat (71 year lease), would you consider a leasehold flat?
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July 6th, 2009 at 7:05 pm
Ive never liked the idea of leasehold myself, If I pay for something I want it for ever if you know what I mean.
July 8th, 2009 at 7:18 am
In the UK almost all flats are leashold due to the need to be sure you are covered by buildings insurance etc. However 71 years is a short lease. Most lenders won’t lend on flats with less than 75 years and even if they do you may have trouble selling it again or the (sometimes very high) cost of renewing the lease. My advice. Go for it and buy a leasehold but one with a nice long lease (99 years or more)
July 10th, 2009 at 11:12 am
Golden rule - never buy a propoery with a lease of less than 85 years - preferably 100+
I had a friend who had a flat with a similar length lease to the one that you’re looking at, and she couldn;t sell it - it cost her £15k to get the lease extended, which is a lot of money.
Idealy get a flat with a share of freehold.
July 11th, 2009 at 1:51 am
Just make sure what other costs are involved ie, services charges etc. These can add up to a considerable amount on top of your mortgage. My husband had a lease hold flat and found he was responsible to the repairs of the roof as he had the top floor flat.