Covid-19 Bounce Back loans for property businesses16:06 PM, 5th May 2020
About 4 weeks ago 47
I would like some advice regarding purchasing a property the property is made up of a ground floor cafe located in a good location in a sea side town centre, which has 3 floors above the cafe, with 6 bedroom accommodation. However, the lease is only 21 year lease due to expire July 2027.
I would like to know the requirements and process regarding renewing the lease I think that the shorter the lease is the more expensive it would cost to renew it.
Also would it be advisable to request the lease renewed prior to purchasing the property, or can I make a request to the seller to extend or renewal the lease prior to purchasing?
Any advice would be appreciated.
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