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It will be because at some point the flats were redeveloped and all the leases started again at the same time, and that some tenants have not realised the importance of extending said lease.
Is it the shared ownership one? We had the same issue selling my wife's shared, she had let the lease drop to 70ish years, when she bought it would have been 80 years, something her mortgage advisor (her fucking uncle) and solicitors failed to point out was an issue.
We only realised after the surveyor had valued it, and asked the lease length, I checked land registry and oh fuck, it knocked £25k off the value.
If it is shared, in order to get a mortgage you will just need to get the seller to get the housing association to confirm they will extend straight away, as normally you need to be owner for two years or something (my memory is a bit hazy here).
As long as the deduction is price is equivalent to the cost of the extension you are good to go.
mustardbeak-
Aah makes sense. Thanks.
It's a full ownership one - thank god - but the impression I'm getting is that the owner wants to sell it right now and let me deal with the lease extension. From what I can tell the cost of extension is circa £20k and it's at least £20k under the average asking price, so that seems to work. Appreciate the response.
ReekBlefs
Savage isn't it? But as long as I can get it extended for under £20k it actually means the flat comes in under budget.
The thing I'm worried about is that there's another flat for sale in the same block with the same 67 year lease period, which is a hell of a co-incidence and makes me worry that there's some blocker on extending it. But I've no idea if that's even a thing.