Extend lease or let next buyer do it?
I own a flat as a leasehold, worth ~£500-550k. Its lease expires in 2113 - in 93 years. I am thinking of selling it in the next 2-5 years.
2 options I see:
Extend it with the freeholder, assuming ~1 year to make sure it can be done on time before I even put it on the market. I could start anytime, and am not sure if waiting makes it worse.
Leave it as something the next buyer should do, and sell with the lease as is.
#1 costs me money (expecting £10k?). #2 likely costs me property value, but I don't know if that's more or less than the cost of doing it myself. Am I better off taking a <£10k hit on the valuation and not having to deal with all that paperwork, or would a ~90 year left on the lease be a major blocker when selling the flat?
PS: and is there a benefit to extending to 990 years instead of 90 years (again, cost vs impact on sale)?