There are a few things to consider when deciding whether to buy a flat with a 60-year lease:
- Leasehold vs. freehold: As a leasehold owner, you will not own the land on which the flat is built. Instead, you will have the right to occupy the flat for a specified period of time, as outlined in the leasehold agreement. This means that you will need to pay a ground rent to the landlord, who owns the land. If you are considering buying a flat with a 60-year lease, you should consider whether this type of ownership is right for you.
- Leasehold value: The value of a leasehold property is generally lower than that of a freehold property, because the purchaser is buying the right to occupy the property for a limited period of time. This means that you may be able to get a good deal on a leasehold flat, but you should also be aware that it may be harder to sell in the future, particularly if the lease has a short remaining term.
- Renewing the lease: It may be possible to renew the lease on a flat with a 60-year lease, but this can be a complex and costly process. You should consider whether you are willing and able to undertake this process if the lease nears its expiration.
- Other factors: There may be other factors to consider when deciding whether to buy a flat with a 60-year lease, such as the condition of the property, the location, and the overall market conditions. It’s a good idea to carefully weigh all of these factors before making a decision.
Overall, whether or not a flat with a 60-year lease is a good purchase will depend on your individual circumstances and priorities. It’s a good idea to consult with a real estate agent or attorney and carefully consider all of the pros and cons before making a decision.