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Long Term Strategy & Short Leasehold - Drop my dream deal?!


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Hi,

I plan to buy a London flat and sell it for retirement funds at the conclusion of the 25 year mortgage.

I have found a suitable deal but last min research has thrown up an issue.

The leasehold is 102 years. By the time I need to sell on it will be down to 77 years which is a serious problem from all I have read.

It seems clear cut, lease is too short for a long term strategy; the property cannot be made to work - move on.

I appreciate I could look at buying the freehold or extending the lease which is costly.

Passing the costs onto my seller via a discount, Ill try....

The incoming changes in law look useful but I am not certain they favour this scenario as they seem to focus on ground rents....

Anything I might have missed?

 

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