Q: Hi there
I am about to purchase a 3 years old flat (brand new), which has 122 years lease left. Should I buy it. Will be hard to sell to say in the next 5 years. I had a word with a broker and he said that most of the apartments in my neighborhood had 125 years to lease to begin in the first place when they were bought brand new. FTB But I have no idea if some flats Ive seen in a different area are 999 years on them. The broker confirmed that the lease could be extended.
any help would be greatly appreciated.
120 years is fine.
After 2 years you can legally extend the lease by 90 years, but there is absolutely no need in your case. You have a good length of lease.
Around 80 years is where cracks start to appear as the cost of extending the lease increases.
tags: FTB, new construction
posted in mortgage by admin
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