I am a first time buyer and I'm interested in purchasing a property that has 71 years left on the lease. Alongside my deposit for the house I do not have enough cash to extend the lease immediately. The leaseholder has indicated they want £50k for the extension which seems to be a fair price based of local property values and the selling price of the property. My aim would be to either extend my mortgage after several years to pay for the lease extension or to save enough cash over a few years to pay it. Question - is it a risky move to purchase a property with such a short lease and not extend immediately?
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