Would you make an offer on this flat?

[Shadow12345]

Hi Mumsnetters- Like to see your opinion on this!!

https://www.zoopla.co.uk/for-sale/details/67980255/?search_identifier=d6e8ef820e076b978224d30b29df32b8715dffd2a4d44978cf40a6ee2f4ff176

Everything seems ok, except 90 yr leasehold and being so close to trainlines. Thinking of making an offer at list price, or £580k. Seems a decent bargain. Am I overlooking something?

It looks like a 1 bedroom flat really. I know places in cities get squished it just seems like it is a large kitchen and lounge ge downstairs, then one bed upstairs. Would 1 beds go for that price in that location?

Find out how much it costs to extend the lease first, then make an offer factoring in that cost. 90 years is too short if you want to sell it on in, say, 15 years. Buyers will be very put off by such a short lease.

I agree it would be difficult to sell in 10 years if OP didn't extend the lease, but you just make sure you don't let it get down to 80 years. You find out the rough cost to extend and then factor that cost into your budget and into what you can afford to pay for a flat.

It would be crazy to buy without any plan for extending, but buying knowing you will need to extend, and having budgeted and planned for it is a perfectly normal thing to do.

>500k for a two bed leasehold flat surrounded by council estates. The irony!

I think that flat looks great and a really brilliant location.

You could take out a bridging loan (basically a more expensive short term loan) and make a lower cash offer
Extend the lease to at least 105 years within 12 months, then remortgage at the full asking price with the longer lease

I love Islington and location location location. But only if you have money to extend lease too. Mortgaging gets tricky below 90 years too and house value will drop so extension is essential. Property in London can either be a forever home or investment to get on the ladder. This flat won't see much more appreciation over the years, there's always a limit on 2 beds compared to houses. I would look at Blackhorse Road just a few stops away from Highbury on the Victoria line - values are only going up and it's full of young folk. Running, climbing and book clubs, board game nights, live music, breweries, the wetlands and marshes for green space, the canal system, and on the overground to Gospel Oak for Hampstead Heath. Then when you sell you'll make a good profit and can buy somewhere bigger.

You have to own the property for two years before extending the lease. Best to ask seller to start the process. Don't touch a bridging loan!

I'd offer, but less the cost of extending the lease. That price is way too high.

90 year lease wouldn't bother me, I'd factor it into my offer and make enquiries as to the cost of renewal. If they stay firm on the asking price say you'll pay it if they extend the lease.

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