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Thanks for your question.
Most of the high street lenders require between 50-70 years remaining onthe Lease in order to offer a mortgage to someone so you may (may) find that abuyer makes an offer, but obvioiusly it's not ideal.
If you cannot pay the landlord's fees to extend the lease and the feeshe has quoted are reasonable then the alternative is to market the property toprospective buyers with the option to extend. You may choose to offer that youwill pay the fees to extend the lease from the proceeds of sale. So in effectthe purchase price will be reduced by the landlord's fees to extend because oncompletion the extended lease documents will be executed and the landlords feespaid from the purchase price sent to you by the buyer's solicitors.
You would obviously need to make sure the landlord is willing to dothings this way because normally they would ask for their fees up front.
Other than that you remain obligated to pay the mortgage repaymentsunder the mortgage, if you cannot meet these then repossession proceedings is apossibility.
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Thank you for your answer, most of the information i knew already.
As you have probably have already garthered from my original question my relationship with my landord is starined and they would make things akward.
Their tatics are probably to make it very hard for me to sell to a third party and are looking to buy the property on the cheap themselves.
This is where things become difficult if i was to drop the price to reflect the costs and the timescales involved the situation would probaly arise where i couldn't pay off my debts from the sell.( i realise this would also put of a prospective buyer because they would have wait two years to extend the lease)
Alternatively if somehow i could reach agreement with my landord to pay the cost involved in paying for the legal work and lease extension out the sell proceeds this would also put me in the situation where i couldn't pay off my the debts from the proceeds.
I think i was probably fishing to find a way out my situation without inccuring additional expenses and as you have probably guessed i am at my tethers end and starring down the abyss.
p.s whoever came up with the leasehold system needs shooting
Thank you for corresponding with me, i appreciate some one to talk too.
Debts are Mortgage £37000 Credit cards £5500 Loan £1000
Offer made on poperty £65,000 So therefore i have probably estimated that either i would have to drop price to £55,000 hoping that the prospective buyers would be pepared to hold onto for two years before selling property.iI don't think this is in their plans.
The likelyhood off the freeholder puting off their costs and accepting monies from a proceeds from the sell is about 1%
With Estate Agents costs and legal fees being higher than normal becuase property is leasehold(persuming a sell does go through). As you can see i am stuck in a very nasty situation.
Thank you. You have been most kind.
I would use you agian.
Hopefully if i do it will be better circumstances.
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