only 85 years left on lease of flat

[hotHELL]

is that bad/good or what? friend is buying and she has no idea what is what.

I think 85 years is fine. Under say 65 and you'd start to lose on the price. Is normal in my part of London anyway.

Agree that it's bizarre though.

Under 80 and the price drops ime as there is a marriage fee to pay when it goes below 80 which is 50% of the price pre and post new lease so if the flat is worth 200k before and 230 after you need to pay 15k aswell as the normal lease extension fees.Not worth buying unless leaser is extended first I agree with kerrymum

She should talk to her solicitor - usually you can extend them but it does cost something so it's best to know as she may want to negotiate on price to reflect the cost, otherwise she could lose out when she comes to sell.

what happens when the 85 years runs out anyway? [just being nosey?]
do you have to buy a new lease? and is it expensive?

85 is fine and should be quite cheap and straightforward to extend by an extra 90 years but make sure that the property qualifies for a lease extension - there are some exemptions such as, I believe, on Church-owned property.

lionbeast: If the lease runs out, you no longer have the right to live there just as would be the case with any tenancy.
With a lease you don't buy the building, just the right to stay there (mad, I know).

Lease on my old flat was 76 years left on it when i went to sell. Prospective buyer asked me to extend it and it was easy and cheap to extend it. Your mate could ask the seller to do the paperwork and extend it themselves. They might go for it as I guess it's a bit of a buyers market at the mo; so they say..

thanks lll,thanks for that what happens if they say it gonna cost an outrageous amount

The shorter the lease is, the more power the freeholder has to charge over the odds to extend it but, if they are being completely unreasonable, then you can ask the Leasehold Valuation Tribunal to look into your case and they will rule what a fair price is. It will be based on how much more the property is worth with a longer lease but it is a phenomenally complicated formula and most people need professional help to argue their case which costs money and the whole thing takes time.

It's worth asking the freeholder for a price though as in my case he came back with a very reasonable price so you never know your luck!

it is bonkers system though isnt it

thank you!