Quite frustrated, could do with some urgent advice.

[Janeywaney]

Well myself and my boyfriend live with my parents and are desperate to buy our own place, we cannot afford much and have seen a lovely flat that is within our budget however it has between 73 an76 years left on the lease and i am worried about having to renew it, we are only planning on living there for about 3 years, does anybody have any idea whether i would have a problem selling it on afterwards? Or whether I would be liable to extend the lease at all?? Any help would be greatly appreciated as I really want to buy this flat but am a bit scared!

Thanks

[Richard Webster]

Assuming it is England/Wales once you have owned the flat for 2 years you are entitled to require a lease extension for 90 years on top of existing length of lease at a nil ground rent. The cost of the extension is the issue and there are variations depending on whether or not in London and the amount of the ground rent. A very ballpark guess assuming £50 pa ground rent and £100K value would be between £2K and £7K. As lease gets shorter this will go up. If flat worth more then the figure would increase proportionately.

I would ask seller to arrange a lease extension. It may even be worth offering to split the costs as long as the seller organises the extension so it happens with your purchase.

As a conveyancing solicitor I believe the information given in the post to be useful but I accept no liability except to fee-paying clients

[repoleads]

Most Lenders will lend as long as there are 50 years plus on the lease at the end of the mortgage term. So, if you sell after 2/3 years you will need to sell to someone who will have a mortgage term of whatevers left on the lease less 50 years.