Lease Term - Share of Freehold

Question

Hello there. I need some urgent good advice from you guys.

I am buying a 2 bed share of freehold converted flat in south london, borough of wandsworth. Originally we were told the lease if 85 years. now i am now on completion stage and the solicitors have come back to me saying that the lease is actually 78 years.

what do i need to do? what are the implications and what will be the costs involved when I have to renew the lease? how much more is the house going to cost me when i re sell it?

thank you for your reply :)

Answer 1

I went through the same thing, when i was trying to buy my first property 5 years ago and was told not to go ahead with it because 78 years isnt a long time in property terms (i didnt, i bought somewhere else) although you need to talk to your solicitor about this as thats their job to advise you on the best course of action.

Good Luck

Answer 2

If you are getting a share of the freehold extending the lease won't be a problem as you just grant it to yourself?

Get the leaseholder you are buying from to extend the lease before you buy it, as they presumably currently have a share of freehold it shouldn't be a problem?