Should I buy a flat with just 80 years left on the lease?

Is such a length of lease ok and will it give me any problems if I want to sell in the future? I have the cash to pay for a lease extension or even to buy a share of the freehold. The seller has indicated that the landlord may be willing to sell the share of freehold. Should I make this a condition of the offer? What are my rights as a leaseholder to extend the lease or purchase a share of the freehold?

Is it worth asking the landlord to sign an agreement to sell/extend the lease in principle? Are such agreements legally binding?

Repossession

If you have a share in the freehold of a flat, then does it matter how many years are left on the lease? I’m considering buying a two bedroom flat in Acton, London that is in need of refurbishment for the asking price of £250,000 (seller won’t go lower), with a 1/8th...
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2 Responses to “Should I buy a flat with just 80 years left on the lease?”

Del Piero 10 Says:
July 17th, 2009 at 8:38 pm
80 is good. No problems with a potential mortgage company. Buying a share of the freehold is the better bet. Don’t make it a condition of the purchase but make it clear you’d like to include it in the deal. Lease extensions or freehold shares are at the discretion of the landlord but should be equally negotiable after purchase.
ufo18 Says:
July 17th, 2009 at 10:46 pm
Depends how long you would want to stop in one place, job or circumstances change, minim viable sell is about twenty years left, chance of the free hold makes a better come back, the question you should ask yourself is the property worth it or location