Buying a flat with a low lease

[faymous]

Hi. Looking to put an offer on a property with a low lease (63 years). The property was owned by an elderly lady. She has since died the daughter now owns the flat. Whilst the daughter was getting probate, the other people in the building have bought out the freehold. One of the owners in the building bought the interest in the flat I am interested in. Is there anything I could do in the buying that would ensure I hold the share in the freehold at completion?

[JustinN]

I think all you can do is approach the new freeholders and ask whether you can join in

[faymous]

Thanks for your reply

[Simon Seaton]

With only 63 years remaining the property is going to be difficult to sell without a lease extension. A number of major lenders have changed their minimum term requirement for leases in the last few months.

The sooner you extend the lease ( even if you acquire a share of freehold ) the better.

[faymous]

Thanks for your replies. My concern was/is that the freeholder will come up with some crazy figure to extend the lease/ join the Freehold , in the knowledge that I have to own the property for two years before I can take it to a tribunal. The flat is offered as cash buyers only. We intended to sort out the issues (damp, and short lease), then remortgage (BTL) at a later date. I wouldn't be happy to wait two years to remortgage!!

Thanks.