Lease extension

[SofiaEvangelou]

Hi
I'm thinking of buying a property at an auction with a lease of 8 years
I have 3 questions:
1. Is there an online calculator that i can use to estimate how much it will cost me to extend this lease?
2. Under what lease term do mortgagees not lend?
3. Would i need to own the property for 2 years before i seek an extension?
Thank you

[Gordon999]

The free guide to lease extension is available by download from LEASE :

http://www.lease-advice.org/publicat...ent.asp?item=8

[sgclacy]

At such low terms none of the online calculators will assist

Most lender like to see 25-30 years left after the mortgage term has ended. There are a couple of lenders who will lend on short term leases on the major estates of London (i.e. the Grosvenor estate etc) but I would think 8 years is just too short

Yes you would have to wait 2 years