Should I extend the lease or buy the freehold before selling?
Hi, I am looking to sell my vacant leasehold BTL terraced house, and the lease has just over 84 years remaining. The estate agents are advising me to extend the lease due to ‘lenders’ requirements.’
I was going to sell it as it is, which reflects in the asking price but also thinking to buy the freehold via the formal route, as my request via the informal route has been declined.
I have a few questions: Are buyers still able to get mortgages with an 84 year lease?
Also if/when I start the process of purchasing my freehold can the completion be transferred to the buyer? Or does the freehold purchase need to be completed before I can sell?
Any advice would be appreciated.
Many thanks,
C
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