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Essentially yes. How long is the lease? Can you get a mortgage with the current lease length? Have you taken in to account the lease length in the value of the flat? The estate agent will probably try and fob you off by saying it doesn't matter as you can renew yourself for £1 once you own the property - this may not be the case!
Another thing to note is that it is harder to renew your lease if you have owned the property for less than 2 years.
Have you asked the vendor to renew the lease and transfer the title to your name when you become a director of the freehold company after completion? If they refuse question why.
You could also request that the vendor begins the renewal process and you continue after completion.
Trunkie
jesus christ...it all seems like another phrase set up to fool buyers.
So basically I'm relying on all the other share of freeholders in the block being amenable to me requesting the extension of the lease, which doesn't seem like something I can find out prior to purchase?