Cost of a leasehold property with 17years left on the lease in 1982?

Question

Croydon Surrey terraced property divided into two flats not self contained sitting tenants two bedroom and sittingroom in each built in 1907

Lease expired in1999

Answer 1

It sounds dodgy...  dont buy it unless you have the option of buying the lease and making it freehold.

Answer 2

Oh dear.  If you're thinking of purchasing this property, please think again.  There aren't many lenders who will touch a property without some type of lease (it adversely affects the lender's security).  And in addition, there normally needs to be at least 70 years unexpired term remaining on it.

Also, the element of sitting tenants is another 'turn off' for a lender.  It may be unlikely that you can amend their tenancy agreement if you purchase the property as is.  And if this is the case, most legitimate lenders won't be interested because they like to have their own approved agreement in place.  Again, this negatively affects the lender's security if ever litigation/ repossession were to take place.

I think you need to really keep looking.  Nice area thoug...

Good luck in any case!

K