Advice - Leasehold flat · Full Circle Property Academy

Advice - Leasehold flat

A seller we have bought from previously has come back to us with a flat in Wakey he currently leases to a provider who has given him notice.

We saw it 2 years ago and there are 55 years left on the lease. He wants us to confirm by Monday if we want it so he can go back to the provider and confirm the termination. He has also told us the valuation he has been given by a “we buy any house” company which makes us think there is wiggle room.

Before we make an offer our ideal plan is to see the flat when we get back from holiday and find out the cost to extend the lease as going in blind would be a huge no…and the lease extension would impact the back end remortgage.

We’ve always stayed away from flats and ideally would rather own the freehold but we feel there could be an opportunity here. Is there anything else we should be looking out for when buying leasehold?

Cheers

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Advice - Leasehold flat