11:19 AM, 10th January 2014, About 9 years ago 29
I was wondering what happens with leases when they reach the last year of the lease, the lease I am interested in is a 123 years lease on a 1 bed flat in London, the original lease was for 125 years so was recently granted? Obviously I will not be around at that time of the end of the lease but for my family that will inherit this flat, would the value of the flat at the end of the lease be zero. This is all based on the assumption that the freeholder for some reason does not wish to grant me an extension as I do realise that some freeholders will extend if you are prepared to pay for the extension.
I am just looking at the worse case scenario where the freeholder will not offer an extension.