Is this 88 year leasehold property in Streatham worth it?

[paige8039]

The property is located in Streatham, london, close to Streatham Hill station, the purchase price is £213,500, 88 year lease, £1600 annual service charge, ground floor flat, 50 square meters.

Blimey, why has it got so many meters, and square too?

The lease isn't getting any longer with each post...

You can offer on the flat, with the proviso that the seller starts the formal lease extension route.

What's the ground rent currently? Does the ground rent increase at any time and, if so, at what intervals and by how much?

Ground rent is £10 per year and the law has changed once you're the owner you can extend straight away and not wait two years like before.

What are you asking? Should you buy a flat with an 88yr lease?

Anyone who understands English would understand what its asking without trying to be clever dear.

Can you post a link, my instinct is no.

I’m more than capable of understanding English but was attempting to clarify whether your worry was the 88 year lease, the level of service charge or the relative value for the area. As you failed to make that point clear and I have fairly extensive experience in all three points, having worked in leasehold property in London for the last 15 years so could quite happily go off on the wrong tangent and not actually address your concern.

Don’t worry though, I’m not going to bother now.

Have you discounted the Northolt one?

OP, why would you be so rude to someone who was asking for clarification in order to help you? It wasn’t clear in the first post what your concern is.

I wouldn’t buy anything with a <100 year lease.

How much is it going to cost to extend the lease? That's the question you need to ask.

Can you afford to extend the lease?
Can you afford the service charge?
How much will the service charge increase by on a yearly basis?

The lease is a significant issue here.

It's extremely cheap for the area, assume it's a studio or one bedroom?

OP has posted this multiple times (along with stuff about a flat in Northolt). It always ends up this way.

That's what I was thinking too.

I would never buy anywhere with ground rent/leasehold. Can you move further out or buy something smaller but make sure it’s freehold?