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Leasehold Value 1Chris Parkin asked 1 year ago

I own a leasehold tenanted flat in Hastings on an interest only mortgage which is due for repayment in May 2024. It is handled by an agent who guarantees the rent. This agreement is due to finish in December this year. The lease expires in September 2116 (92 years remaining).Question:The head leaseholder offers a lease extension facility and has the below on a page on their website.When’s the best time to extend my lease?If you extend your lease when it gets to around 83 – 85 years, you’ll save a lot of money.After your lease drops to 80 years or less, you’ll have to pay 50% of the flat’s ‘marriage value’ on top of the usual lease extension price.It has always been my intention to sell the property at the ‘right time’. Current value is estimated at £115K.Is a 92 year lease an acceptable length to effect a current market value sale?Will all the costs incurred in a lease extension be covered by an increase in value and then some for a possible sale in two years?Any advice or thoughts welcome!

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Leasehold Value 2Jatinder Dhanoa
replied 1 year ago

Ohhhhh this is lengthy to understand by a common man, you confused me but yes I can suggest you with a chartered surveyor team in slough, Leasehold Valuations in the UK. They can provide you with the best advice.

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Leasehold Value 3Marc Attwater Staff answered 1 year ago

Hi Chris, the unexpired lease term is sufficient for any buyer to easily get a mortgage, so i would sell now, no need to extend the lease. The property market looking ahead is likely to get very weak, so dont wait around for a lease extension which is unlikely to yeield any further financial benefit.

Leasehold Value 4Chris Parkin
replied 1 year ago

Thanks very much Marc.

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Leasehold Value 5realestate answered 11 months ago

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