would you buy a flat of 120 years lease left [ftb] [new construction]

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. 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.


A:We sold a flat in 2005 with less than 70 years left on the lease and it sold the same day it went on the marekt.

120 years is fine.


A:It's fine to buy a flat with 120 years and no, it won't affect value in 5 years time. 125 years is perfectly normal for a leasehold flat. 999 year leases might be more associated with flats where they had bought share of freehold and extended the lease.

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.


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