What's a rolling lease?

[Kaloobear]

We're going to look at a flat this weekend and when I asked the estate agent how many years are left on the leasehold she said 'it's a rolling lease.' I asked what that meant and she said she didn't k ow she's suggested we ask e vendors. I have googled and the only thing I can find is about renting flats rather than buying leaseholds.

Does anyone know what it means and what the implications are for a prospective buyer?

never heard of this on a long leasehold property, as you say it sounds more like a rental thing.

I'd want a proper answer before going to see it tbh!

It normally applies to the extension of an Assured Shorthold Tenancy, not a leasehold flat for pruchase. Maybe they meant it was 999 years or had a share of the freehold. The EA should ask the vendors otherwise they may misrepresent the property. A solicitor should also check it out as part of coinveyancing and the length of lease may affect its valuation.

Exactly what LIZS says. You need someone who knows what they are talking about to clarify what that means before you go further because it could have been mispriced. She may have meant a virtual freehold - ie a 999 year lease, but it's not a term that I've heard in connection with a purchase - only an AST.

Right, this is a definite warning sign for me. Why would an estate agent take on a property without understanding terms like this?! We're going to have a look at it this weekend but even if we love it won't be making an offer until we know exactly what we're dealing with...

Because they are desperate for business or because they are employing under qualified people who don't understand the EA Misdescriptions Act. You need to understand exactly what the tenure is and if it is leasehold, exactly what the terms of the lease are. You can't make an informed decision about its value unless and until you understand what you are buying!