I'm a first time buyer looking at potentially making an offer on a leasehold ground floor maisonette (I'm guessing built in the 50's or 60's - possible ex council house) The leasehold has only 89 years remaining. (ground rent currently £10 per year or there abouts, no service charge)
I understand that after 2 years of ownership I can apply to for an extension on this. As a typical FTB it will take all I have to purchase this property and so I have to be mindful of my financial ability in 2 years time and whether I would have saved sufficiently to afford the extension and the associated legal fees ( I already know I will need to spend money to update/improve kitchen, bathroom etc before then)
So my question is, whether anyone has any experience of offering on a property subject to the existing owners applying for a lease extension - will this be realistic giving timings / is it even possible or am I being a stereo typical unreasonable / entitled FTB ?