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Jul 2017
10:52pm, 15 Jul 2017
18,230 posts
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Meglet
Why would you need to extend a 97 year lease?!
We've had three viewings today. But disappointed not to get more but agents say they haven't had many for their other viewings this weekend. The agent did them so I haven't got feedback yet.
I'm seeing a really promising house tomorrow, but so are at least 15 others. Detached 4-bed that needs a complete cosmetic overhaul and could be amazing if kitchen and dining room are knocked together.
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Jul 2017
10:42am, 16 Jul 2017
20,102 posts
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Red Squirrel
Apparently it's common. Incoming buyers want to extend otherwise they'll have to wait 2 years to apply. I wouldn't look at extending until about 94 years anyway and from what I know it costs about the same as doing it now. Gonna ask my solicitor on Monday.
Maybe she plans to sell it on quite quickly, even though she's a buy-to-let at the mo'.
It only takes one buyer Meglet. The fact that there are 15 viewing t'other one is heartening too - hopefully yours will pick up once more people see it on the sites.
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Jul 2017
12:57pm, 16 Jul 2017
5,588 posts
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XB
We're all moved in and 90 per cent settled. It all happened relatively painlessly. But I don't ever want to do it again.
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Jul 2017
2:18pm, 16 Jul 2017
18,231 posts
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Meglet
The house we saw today had 17 viewers this weekend! Flowery carpets, busy wallpaper and old fashioned lights, but in very good condition and would be liveable in. Detached with a garage and garden. But bedrooms 3 and 4 were pretty small with sloping ceilings, it would be difficult to fit in a bed and a wardrobe into 3, and impossible in 4.
So even if we were in a position to place an offer I still think the town house we've got our eye on is better (and cheaper)
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Jul 2017
7:50pm, 16 Jul 2017
20,103 posts
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Red Squirrel
Well done XB. I've now got to find somewhere in the next coupla months.
I've never lived in a townhouse but I've stayed in a couple. I like the arrangement.
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Jul 2017
9:23pm, 16 Jul 2017
5,080 posts
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Mandymoo
Very unusual to want to extend with 97 years left. Its normally when it gets down to 75 or less. We are doing a lot of extensions at work at the moment but they are 75 years and under left.
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Jul 2017
10:12pm, 16 Jul 2017
20,105 posts
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Red Squirrel
It's cheaper in the 90s, but if she applied when it was at 95 as she has to wait 2 years, it would still probably only cost her £2,000 + costs.
Maybe she wants to sell it on and knows something I don't about the market.
It can also delay the buying process.
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Jul 2017
10:20pm, 16 Jul 2017
8,335 posts
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Son of a Pronator Man
I've been reading a lot in the papers about this Leasehold/Freehold thing in Engalnd and Wales. Scotland got rid of it a long time ago. It seems like an absolute scandal and rip off to me.
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Jul 2017
9:12am, 17 Jul 2017
5,082 posts
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Mandymoo
It is a rip off - costs a lot of money to do, and yes the earlier the better cost wise. Once you get down to 70 or below years left you are held over a barrel as the property becomes less sellable without a decent lease left on it.
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Jul 2017
10:18am, 17 Jul 2017
5,591 posts
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XB
I'd forgotten that our old house was leasehold but it was a 999 year lease with about 900 years left. Because we don't know who or where the landlord is, we had to take out an insurance policy to indemnify the purchasers.
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Things I found on Rightmove
Dec 2024