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Property On Lease

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Plumpie | 13:01 Mon 29th Oct 2018 | Property
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Hi I am currently buying a flat on lease the the full term of the lease was 125 years it now has 83 years remaining what are your thoughts on this and the potential cost of extending the lease there are 8 flats in the block. Aprehensive

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Probably best, in the first instance, to talk to the solicitor who is going to handle the conveyance for you.
I personally would never buy Leasehold but I do appreciate in some areas its the only way to buy a property. When you buy Freehold the value of your property will usually appreciate over time. With a Leasehold the value of your property may depreciate as the Lease gets near to the end. If you have already started the process of buying then the conveyancing solicitor should be able to give you some indication of the cost to extend the Lease.

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