DIY Doctor

Risks With Short Lease on Property Purchase

Postby rahiismyabbo » Mon Jan 20, 2020 11:55 am

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?
rahiismyabbo
Rank: Labourer
Progress to next rank:
25%
Posts: 2
Joined: Thu Jan 16, 2020 1:14 pm


Sponsor

Simply Build It



  • DIY How to Project Guides
  • DIY how to tutorial projects and guides - Did you know we have a DIY Projects section? Well, if no, then we certainly do! Within this area of our site have literally hundreds of how-to guides and tutorials that cover a huge range of home improvement tasks. Each page also comes with pictures and a video to make completing those jobs even easier!


 
  • Related Topics